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Full-Text Articles in Insurance Law
Contracts-Measure Of Damages-Life Insurance Contract, Howard Van Antwerp
Contracts-Measure Of Damages-Life Insurance Contract, Howard Van Antwerp
Michigan Law Review
When the plaintiff was expelled from defendant Brotherhood an insurance policy issued to the plaintiff by the defendant was canceled and the cash surrender value paid to him in accordance with the terms of his policy. The directors of the Brotherhood later decided that this expulsion had been wrongful, whereupon the plaintiff returned the cash surrender value of the policy and demanded the return of all premiums paid. When this demand was refused, the plaintiff sued to recover damages for wrongful cancellation of his policy. The trial court instructed the jury to return a verdict for the premiums paid with …
Insurance-Right To Proceeds Of Policy On Life Of Divorced Spouse, A. E. Anderson S.Ed.
Insurance-Right To Proceeds Of Policy On Life Of Divorced Spouse, A. E. Anderson S.Ed.
Michigan Law Review
Plaintiff was beneficiary of certain life insurance policies issued by defendant on the life of her former husband. All of the policies involved were issued after the marriage and before the divorce, and plaintiff had paid all the premiums on the policies. The administratrix, decedent's second wife, claimed the proceeds on the basis of section 425 of Kentucky Civil Code of Practice which provides for restoration of property obtained from the other spouse by reason of the marriage upon judgment for divorce. Held, where the wife has procured and paid for insurance on the life of her husband a …
Legal Liability For War Damage, John Hanna
Legal Liability For War Damage, John Hanna
Michigan Law Review
This article considers some of the rules for determining liability for economic loss in respect of war claims, especially as applied in connection with claims of life insurance companies for loss of premiums, of insurers of property for war risk insurance premiums, of property insurers for sums paid to foreign policyholders on war losses, and of owners seeking to recover for loss of expected profits. The rules discussed are broadly applicable to international claims in general.
Taxation - Federal Gift Tax - Integration With Income Tax, Katherine Kempfer
Taxation - Federal Gift Tax - Integration With Income Tax, Katherine Kempfer
Michigan Law Review
Beck in 1935 created an irrevocable funded insurance trust of $172,000 in securities together with seven policies of insurance on his life. The income from the securities was to be applied to pay the premiums on the policies and any surplus was to be distributed to his wife and daughter. At grantor's death the proceeds of the policies were to be added to the corpus of the trust and all income was to go to the same beneficiaries for life with remainders over. There was no possibility of reverter in the grantor and no right to alter, modify or revoke …
Taxation - Federal Estate Taxation Of Life Insurance Effect Of Treasury Decision 5032 Amending Articles 25 And 27 Of The Estate Tax Regulations, Lloyd M. Forster
Taxation - Federal Estate Taxation Of Life Insurance Effect Of Treasury Decision 5032 Amending Articles 25 And 27 Of The Estate Tax Regulations, Lloyd M. Forster
Michigan Law Review
Stated briefly, the effect of T. D. 5032 has thus been to revert to the original test of payment of premiums for determining when insurance has been "taken out" by the decedent, and to abandon ownership of the policy as a basis for including the proceeds in decedent's estate, thereby departing from the fundamental theory of estate taxation. Thus the regulations, in closing one door to tax avoidance, apparently open another. While this avenue of escape may be narrowed by judicial interpretation, a change in the regulations probably will be required to seal it completely.
Taxation Of Annuity Contracts Under Federal Income Tax, Robert Meisenholder
Taxation Of Annuity Contracts Under Federal Income Tax, Robert Meisenholder
Michigan Law Review
A number of questions dealing with the taxability of commercial annuity policies under death tax statutes have received judicial consideration. By contrast, only a few questions dealing with the taxability of these contracts under income tax laws have been raised before the courts. But the income tax problems are equally important in terms of tax liability. Moreover, they will in the future assume an even larger significance in view of the large number of annuity contracts of various types which have been issued and are now being offered by insurance companies. Accordingly some explanation of these problems is warranted.
Insurance - Delay In Acting On Application - Tort Liability, William C. Wetherbee Jr.
Insurance - Delay In Acting On Application - Tort Liability, William C. Wetherbee Jr.
Michigan Law Review
Appellant, administrator of the deceased's estate, sued the defendant for damages caused by its negligent failure to accept or reject deceased's application for life insurance within a reasonable time. A deposit had been made on the premium, and, but for the delay, the policy would have been approved and the deceased covered by it at the time of his death. The jury returned a verdict for the appellant, who appealed when the judge rendered judgment non obstante veredicto in favor of appellee. Held, that the insurance company was under no duty to accept or reject the application within a …
Taxation -- Insurance And Annuity Contracts Under The Federal Estate Tax -- Differentiation And Theories Of Taxation, Charles F. Dugan
Taxation -- Insurance And Annuity Contracts Under The Federal Estate Tax -- Differentiation And Theories Of Taxation, Charles F. Dugan
Michigan Law Review
In the taxpayer's quest for methods of avoidance of the federal estate tax, one field seems to have been generally overlooked; viz., annuity contracts that are so similar to insurance policies as to be treated like the latter for tax purposes, thus securing the benefit of the $40,000 exemption in section 302 (g). Various reasons might be suggested why this should be so, but the fact remains that there has been practically no discussion of the subject in legal publications and, until the recent case of Old Colony Trust Co. v. Commissioner of Internal Revenue, no litigation involving the …
Insurance-Delay In Acting On Application-Tort Liability
Insurance-Delay In Acting On Application-Tort Liability
Michigan Law Review
Plaintiff sued for damages for alleged negligence of defendant in failing to take action within a reasonable time upon plaintiff's application for a policy of health and accident insurance, plaintiff having paid defendant's soliciting agent the premium quoted by him. Held, there is no liability, since there is no duty for defendant to accept or reject an application within a reasonable time. Schliep v. Commercial Casualty Ins. Co., 191 Minn. 479, 254 N. W. 618 (1934).
Domestic Relations - Infants - Right Of Insurer To Deduct For Protection Furnished On Infants Disaffirmance Of Policy
Michigan Law Review
An infant sued by his next friend to disaffirm a contract of insurance on his own life, in which his mother and sister were named as beneficiaries, and to recover premiums paid. The insurance company claimed the right to deduct for the protection furnished insured during the continuance of the policy, but there was nothing in the record to show what this protection had cost the company. Held, the Chief Justice dissenting, the insured was entitled to recover the full amount paid. Mutual Life Ins. Co. of New York v. Schiavone, (App. D. C. 1934) 71 F. (2d) …
Insurance - Application Of Dividends To The Purchase Of Extended Insurance
Insurance - Application Of Dividends To The Purchase Of Extended Insurance
Michigan Law Review
Plaintiff hospital claimed a lien upon the personal effects of a deceased patient left in their possession. An Iowa statute defines a hotel, for the purposes of its operator's lien, as including "inn, rooming house, and eating house, or any structure where rooms or board are furnished, whether to permanent or transient occupants." The term "guest" is defined to include "any legal occupant of any hotel as herein defined." Held, that "structure" as used in the statute refers to one used for the entertainment of ordinary individuals, as in the case of the structures enumerated; and that a hospital, …