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Articles 121 - 150 of 331
Full-Text Articles in Insurance Law
Evidence-Effect Of Presumption Against Suicide, Edwin Boos
Evidence-Effect Of Presumption Against Suicide, Edwin Boos
Michigan Law Review
Asserting that the deceased met his death by accidental drowning, appellant sued as beneficiary to recover under a double indemnity clause of an insurance policy issued to the deceased by the defendant. The defense was that the deceased committed suicide and that a clause in the policy prevents recovery of double liability under such circumstances. The jury found for the defendant and, on appeal, the beneficiary contended that the trial judge committed prejudicial error against her by refusing to instruct the jury that there was a strong presumption against suicide and in favor of accidental death. Held, the code …
Insurance-Gratuitous Assignment Of Life Policy Where Right To Change Beneficiary Is Reserved, Craig E. Davids S.Ed.
Insurance-Gratuitous Assignment Of Life Policy Where Right To Change Beneficiary Is Reserved, Craig E. Davids S.Ed.
Michigan Law Review
Defendant issued a life insurance policy to deceased, naming plaintiff, then insured's wife, as beneficiary. The policy reserved to the insured the right at any time to change the beneficiary without the knowledge or consent of the latter, and it further provided that no assignment should affect the rights of insurer until due notice was given to defendant. Sometime later, plaintiff divorced insured, who had indicated by personal conversation and correspondence with his sister the intervener, that he intended that the sister should receive the proceeds of the insurance. In one letter the insured referred to the policy and said, …
Insurance-Right Of Insured To Recover Under Disability Clause Of Life Insurance Policy For Self-Inflicted Injury, Robert M. Barton S. Ed.
Insurance-Right Of Insured To Recover Under Disability Clause Of Life Insurance Policy For Self-Inflicted Injury, Robert M. Barton S. Ed.
Michigan Law Review
A policy of life insurance was issued to one Rice providing for payment of certain disability benefits to the insured if he should "sustain a physical impairment such as . . . the permanent loss of the sight of both eyes." As a proximate result of an unsuccessful attempt to commit suicide the insured was blinded. The policy contained no express limitations or restrictions on such self-inflicted injuries but did provide that the insurance company should not be liable for benefits "if the death of the insured resulted from suicide." Rice was apparently sane at the time he attempted to …
Evidence - Admissibility Of Age In Hospital Record As Business Entry, Craig E. Davids
Evidence - Admissibility Of Age In Hospital Record As Business Entry, Craig E. Davids
Michigan Law Review
Representing his birth date as 1866, deceased purchased from defendant insurance company in 1921 a policy on his life, which provided that in the event of any misrepresentation of age the insured's beneficiary would receive only that amount which a standard policy issued at his true age would stipulate for the premiums paid. In a suit by the beneficiary to recover on the policy, defendant attempted to prove that deceased was born at least as early as 1862. Among other evidence, defendant introduced a hospital record of deceased's visit to a particular institution in 1936 where he represented his age …
The Assignment Of A Life Insurance Policy, Grover C. Grismore
The Assignment Of A Life Insurance Policy, Grover C. Grismore
Michigan Law Review
There is a great deal of uncertainty and confusion in the decided cases in regard to the effect to be given to the assignment of a life insurance policy. This is unfortunate, since to a large extent life insurance has come to be regarded as an investment medium, and as an asset which can be hypothecated by the insured in times of financial emergency.
Is The Business Of Insurance Commerce? A Re-Examination In The Light Of Modern Times, Nathan R. Berke
Is The Business Of Insurance Commerce? A Re-Examination In The Light Of Modern Times, Nathan R. Berke
Michigan Law Review
A question of considerable import which has arisen time and again in recent years, particularly since the enactment of the various federal regulatory acts within the past decade, is whether the business of insurance is commerce. Although not a new question, and by no means unanswered by the courts, it has been a subject of recent reconsideration and in all probability will be reviewed by the United States Supreme Court.
Life Insurance
Michigan Law Review
The Soldiers' and Sailors' Civil Relief Act of 1940, as amended in 1942, contains provisions which are designed to enable the serviceman to avoid forfeiting life insurance because of the lack of financial resources.
Constitutional Law - Due Process Limitations On Statutes Regulating Extrastate Contracts, Michigan Law Review
Constitutional Law - Due Process Limitations On Statutes Regulating Extrastate Contracts, Michigan Law Review
Michigan Law Review
Plaintiffs, reciprocal insurance associations which insure against fire and related risks, and whose attorneys-in-fact are located in Illinois, brought a declaratory judgment action in New York state courts for a determination of the applicability to them of the New York law requiring that such co-operative insurance associations obtain a license, or be prohibited from doing "any act which effects, aids or promotes the doing of an insurance business" in New York. As a condition of the license, submission to the New York regulations is required. The activities of the associations within the state of New York include investigation by engineers …
Principal And Agent-Whether Principal Constructive Trustee Of Money Secured By Fraud From Third Person To Make Up Embezzled Funds, Dickson M. Saunders
Principal And Agent-Whether Principal Constructive Trustee Of Money Secured By Fraud From Third Person To Make Up Embezzled Funds, Dickson M. Saunders
Michigan Law Review
Taggart embezzled from his principal, defendant American National Insurance Company, $1,000 received from Miss Mortensen for a deferred life annuity. Subsequently, in a transaction with plaintiff, wholly outside the scope of his general receiving agency for the insurance company, Taggart secured $1,200 through fraud. From this Taggart then replaced the $1,000 due his principal. In suit by plaintiff to recover, Taggart defaulted; liability of the insurance company is based upon the theory that $1,000 has been traced into its hands, and because of Taggart's fraud, this sum became impressed with a constructive trust in favor of the plaintiff. Held, …
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 …
Annuities - Right Of Legatee, For Whose Benefit The Purchase Of An Annuity Is Directed, To Receive The Principal In Lieu Thereof, Raymond R. Allen
Annuities - Right Of Legatee, For Whose Benefit The Purchase Of An Annuity Is Directed, To Receive The Principal In Lieu Thereof, Raymond R. Allen
Michigan Law Review
The rule has become well established in England that, where a testator bequeaths an annuity for life to his beneficiary and directs his executor or trustee to purchase the annuity with assets of the estate, the annuitant has an option to demand the purchase money in lieu of the annuity. The direction to purchase the annuity is clothed by the courts with a power to change the mere gift of an annuity into a gift in the alternative of the principal or the annuity. This direction indicates the will of the testator that a fund representing the principal of the …
Quasi Contracts - Insurance - Recovery Of Premiums When Parties Mistaken As To Value Of The Subject Matter Of Insurance Contract, Louis C. Andrews, Jr.
Quasi Contracts - Insurance - Recovery Of Premiums When Parties Mistaken As To Value Of The Subject Matter Of Insurance Contract, Louis C. Andrews, Jr.
Michigan Law Review
Plaintiff's intestate, a resident of Georgia, owned items of jewelry which were located in Germany and which were subject to a death tax there, intestate having died in Germany. An appraisal was made by a German court commissioner in assessing the tax and a copy of the appraisal was forwarded to plaintiff executor, who, relying thereon, effected a policy of insurance with the defendant covering all the goods, the principal item being a pearl necklace appraised at $60,000. It was discovered on the safe arrival of the jewelry that the pearl necklace was worth but $60.00, being composed of cultured …
Insurance - Insurable Interest - Tenant At Will, Robert D. Ulrich
Insurance - Insurable Interest - Tenant At Will, Robert D. Ulrich
Michigan Law Review
Plaintiff, an unincorporated religious association, brought this action to recover on a fire insurance policy. Evidence was introduced from which the jury could find that the plaintiff had occupied and used the premises as a church for sixteen years before the policy was issued, but during this period title stood in the name of an incorporated church society. After the date of the policy, but prior to the loss, title was conveyed to the plaintiff. Defendant insurer appeals from judgment for the plaintiff on the ground that plaintiff had no insurable interest on the date of the policy. Held, …
Insurance - Right Of Insurer To Be Subrogated To Claim Of Insured Against A Third Person Where It Has Paid A Claim On Which It Was Not Liable, Michigan Law Review
Insurance - Right Of Insurer To Be Subrogated To Claim Of Insured Against A Third Person Where It Has Paid A Claim On Which It Was Not Liable, Michigan Law Review
Michigan Law Review
Plaintiff paid insured for damage done to his building because of the defendant's negligence, and received a subrogation receipt from the insured. Plaintiff now sues for damages in its own name and for its own benefit. The policy provided that it should be void if the insured did not have sole and unconditional ownership of the property. Title to the damaged property was in the name of the insured's wife, and therefore the policy was void. Held, since the insurer was not obligated under the policy, it was a mere volunteer, and could not be subrogated to the insured's …
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.
Evidence - Admissibility Of Hospital Records As Business Entries, Robert C. Lovejoy
Evidence - Admissibility Of Hospital Records As Business Entries, Robert C. Lovejoy
Michigan Law Review
As a defense to a suit on an insurance policy, the defendant insurer claimed that the plaintiff was intoxicated at the time of the fatal accident. Defendant offered in evidence a portion of the case record of the hospital to which plaintiff was taken after the accident, the record stating that he was "apparently well under influence of alcohol." Although it was duly authenticated under the federal statute permitting business entries to be used as evidence, this evidence was excluded by the trial court as being an observation rather than a diagnosis. Held, reversed. There was no basis for …
Judgments - Declaratory Judgments - Action For Declaration Of Noinliability Under Insurance Policy, Arthur M. Hoffeins
Judgments - Declaratory Judgments - Action For Declaration Of Noinliability Under Insurance Policy, Arthur M. Hoffeins
Michigan Law Review
Plaintiff insurance company sought a declaratory judgment that the person to whom its insured had transferred his automobile was not protected by the policy for damages caused to others, such transfer without the consent of the plaintiff being contrary to the terms of the policy. Held, that since by statute the insurer was made directly liable to the injured party, plaintiff was not entitled to a declaration of noncoverage, since it could not isolate one defense and try it in advance, leaving undecided issues involving the negligence of the person to whom the automobile was transferred. New Amsterdam Casualty …
Negligence - The "Same Hazard" Principle - Nonliability In Event Of Injury From A Hazard Of Different Type From That Which Justified Imposition Of Duty To Use Due Care, Michigan Law Review
Negligence - The "Same Hazard" Principle - Nonliability In Event Of Injury From A Hazard Of Different Type From That Which Justified Imposition Of Duty To Use Due Care, Michigan Law Review
Michigan Law Review
In a previous suit by plaintiff against a policy holder, defendant, who was the insurer and conducted the defense for the insured, rejected an offer made by plaintiff to settle the claim for less than the policy limit, which was $5,000. There was thereafter a verdict for plaintiff for $7,500, which was satisfied to the amount of $5,000. Plaintiff then brought an action against the defendant insurance company in the name of the policy holder to recover the remainder of the judgment on the ground that defendant was negligent in rejecting the plaintiff's settlement offer. Held, plaintiff stated no …
Taxation - Income Tax - Exemption Of Proceeds Of Insurance Policies Payable In The Form Of An Annuity, Wilbur Jacobs
Taxation - Income Tax - Exemption Of Proceeds Of Insurance Policies Payable In The Form Of An Annuity, Wilbur Jacobs
Michigan Law Review
Plaintiff was the beneficiary of a life insurance policy payable in equal installments over a period of twenty years. The deferred payments had been substituted for payment of the face amount of the policy through an option in the policy exercised by the insured a short time before his death. The Commissioner of Internal Revenue included in gross income the amount by which each payment exceeded one-twentieth of the face amount of the policy on the theory that this excess was interest and hence not within the statute exempting insurance from gross income. Plaintiff sued to recover the tax paid. …
Insurance - Defenses Of Liability Insurer Against Third Party Injured By Assured Under Statute Giving Injured Party Right Of Action Against Insurer - Constitutionality, Michigan Law Review
Insurance - Defenses Of Liability Insurer Against Third Party Injured By Assured Under Statute Giving Injured Party Right Of Action Against Insurer - Constitutionality, Michigan Law Review
Michigan Law Review
Plaintiff, having recovered a judgment against insured defendant for injuries sustained in an automobile accident, filed a supplemental bill against defendant's insurer to recover the 'insurance money. The statute granting plaintiff this right provides that whenever damage occurs for which the insured is responsible, the liability of the insurer "shall become absolute," and upon his obtaining a judgment against the assured, the injured person shall be entitled to have the insurance money applied to satisfy the judgment. The insurer defended on the ground that the insured violated a condition of the policy by failing to cooperate in the defense of …
Taxation - Insurance Companies - Considerations For Annuity Contracts As "Premiums'' Received For Insurance Contracts, Michigan Law Review
Taxation - Insurance Companies - Considerations For Annuity Contracts As "Premiums'' Received For Insurance Contracts, Michigan Law Review
Michigan Law Review
The defendant commissioner of insurance refused to issue to plaintiff insurance company a certificate of authority to do business in Kansas unless plaintiff paid back taxes claimed to be due on considerations received for "annuity contracts" by the plaintiff, in Kansas, between 1927 and 1938 inclusive. The tax in question was "upon all premiums" received during the year, but the plaintiff contended the word "premiums" did not include considerations received for "annuity contracts." Plaintiff brought mandamus to compel defendant commissioner to issue a certificate of authority to do business. Held, three judges dissenting, that the word "premiums" included considerations …
Federal Taxation Of Insurance Trusts, Allan F. Smith
Federal Taxation Of Insurance Trusts, Allan F. Smith
Michigan Law Review
The life insurance trust may take many forms and serve a variety of purposes, but for present purposes it may be defined as a trust, at least part of the corpus of which is a policy of life insurance, in which the duty of the trustee is to receive the proceeds of such policy and administer such proceeds as a trust. Such a trust, like any other, may be revocable or irrevocable, and may be funded or unfunded. These various types will be considered separately only where the tax results vary with the type. The present objective is to survey …
Attorney And Client - Illegal Practice Of Law - Activities Of Insurance Investigators And Adjusters Which Constitute Practice Of Law, Jay W. Sorge
Michigan Law Review
The defendant was an independent insurance adjuster and investigator who for more than seven years had been engaged in adjusting and investigating insurance claims for both insurance companies and claimants. He advertised in insurance periodicals and wrote letters to insurance companies to interest them in the service he rendered. He charged his clients on a fee basis and maintained his office at his own expense. Suit was brought to restrain him from practicing law without a license. Held, defendant could not give advice as to legal rights of either insurance company or claimant, but could communicate advice of counsel …
Insurance - Public Liability Policy - Liability Of Insurer For Punitive Damages And Penalties, Alfred I. Rothman
Insurance - Public Liability Policy - Liability Of Insurer For Punitive Damages And Penalties, Alfred I. Rothman
Michigan Law Review
Under an automobile liability policy, the defendant insurer paid the plaintiff, on his judgment against the insured, the amount of compensatory damages recovered for injuries. The insurer refused, however, to pay the additional sum awarded as double damages under a statute providing that the court in its discretion might award double or treble damages where the injury was caused by a violation of certain statutory rules of the road. By the terms of the policy defendant insurance company agreed to pay "all sums which the insured shall become obligated to pay by reason of liability imposed upon him by law …
Insurance - False Statements In Application - Implied Knowledge Of Insurance Company As Ground For Waiver, Michigan Law Review
Insurance - False Statements In Application - Implied Knowledge Of Insurance Company As Ground For Waiver, Michigan Law Review
Michigan Law Review
In a suit by the beneficiary on a life insurance policy, the insurance company defended on the ground that the insured knowingly had made false statements material to the risk in his application and therefore the company had a right to rescind the contract. The insured's false statements were to the effect that he had never been refused insurance on a former application, whereas in fact the John Hancock Insurance Co. had rejected his application in the preceding year. Both the John Hancock Co. and the defendant insurer were members of a common agency which gave information to its members …
Insurance - Fire Insurance - What Is A Fire Loss, Michigan Law Review
Insurance - Fire Insurance - What Is A Fire Loss, Michigan Law Review
Michigan Law Review
Plaintiff's merchandise was insured by defendant against direct loss or damage caused by fire. In 1937 the Ohio River overflowed its banks and water entered the premises in which the assured stored his goods. While the employees of the assured were removing the goods to higher floors for protection against the flood, a near-by gasoline tank exploded and started a fire some five hundred yards from the building. The fire threatened destruction to the whole area, and in an effort to prevent this ruin, the fire department ordered the employees to quit their work because of the possible necessity of …
Taxation -Taxability Of Insurance Policies Under The Federal Estate Tax Where Possibility Of Reverter To Insured, Felicia I. Hmiel
Taxation -Taxability Of Insurance Policies Under The Federal Estate Tax Where Possibility Of Reverter To Insured, Felicia I. Hmiel
Michigan Law Review
In 1920 decedent purchased a fifty-thousand-dollar life insurance policy, making his wife beneficiary and providing that if she predeceased him the proceeds should be payable to the executors of his estate. No power to revoke the policy or to change the beneficiary was expressly retained. The decedent predeceased the beneficiary and, in the assessment of the federal estate tax, the proceeds were included as part of his gross estate. The tax was paid, and plaintiff executor brought suit to recover an alleged overpayment of the estate tax because of the inclusion in the gross estate of the proceeds of the …
Taxation Of Annuity Contracts Under Estate And Inheritance Taxes, Robert Meisenholder
Taxation Of Annuity Contracts Under Estate And Inheritance Taxes, Robert Meisenholder
Michigan Law Review
A glance at any authoritative encyclopedia will confirm the fact that annuity transactions of one sort or another have existed since earliest civilized times. It was not until 1762, however, that the first insurance company of the world was established; at that time began the issuance of annuity contracts similar to our modem contracts. The popularity of such contracts has increased and decreased at various periods in Great Britain. But in the United States, they have assumed importance only since the beginning of this century and have attained a relatively widespread popularity only since the years of prosperity in the …
Insurance - Fraternal Benefit Policy - Who Is A "Dependent'', Michigan Law Review
Insurance - Fraternal Benefit Policy - Who Is A "Dependent'', Michigan Law Review
Michigan Law Review
Deceased was an inmate of an old age home, having paid an entrance fee and signed an entrance contract in which the home reserved the right to discharge inmates at any time without reason upon refund of a proportionate amount of the entrance fee. Deceased lived in the home until his death. He had taken out a policy in a fraternal benefit association whose by-laws provided that "In the event of the death of all beneficiaries named in a certificate . . . the benefits shall be paid . . . [to the] . . . person or persons upon …