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Insurance -- 1964 Tennessee Survey, Robert N. Covington
Insurance -- 1964 Tennessee Survey, Robert N. Covington
Vanderbilt Law Review
In Phoenix Ins. Co. v. Brown,' the named insured in a fire policy was Walter Brown. Walter had at one time owned the property insured. He had, however, conveyed it to his divorced wife Elsie, for whom he "was looking after the property," prior to the taking out of this policy. It was not alleged that the defendant's agent (who had previously written other policies on the property in Walter's name at the time Walter was the title-holder) knew of the conveyance to Elsie. After total destruction by fire the defendant refused to pay on the grounds of the lack …
Corporations Insuring Employees' Lives, E. Ralph Cotham, Iv
Corporations Insuring Employees' Lives, E. Ralph Cotham, Iv
Vanderbilt Law Review
The Sixth Circuit Court of Appeals' in 1959 reversed a tax court holding that a life insurance contract taken out by a corporation to insure an employee's life was a wagering contract because neither the corporation nor the beneficiary possessed an insurable interest in the employee's life and that the proceeds were thus not excludible as an amount received "under a life insurance contract." In 1964 the Fifth Circuit Court of Appeals affirmed a federal district court's judgment entered on a jury's verdict that a corporation, which was both owner and the beneficiary of a life insurance policy, had no …