![]() ![]() Here must be a reasonable ground, founded upon the relations of the parties to each other, either pecuniary or of blood or affinity, to expect some benefit or advantage from the continuance of the life of the assured. The United States Supreme Court has articulated the public policy behind the requirement as follows: That concept is now known as the “insurable inter est” requirement. Insurance policy on another have some reason to want the insured to remain alive. In response to the practice, the law developed a requirement that a person seeking to take out a life “ Since the initial creation of life insurance during the sixteenth century, speculators have sought to use insurance to wager on the lives of strangers.” PHL Variable Ins. 15) be GRANTED-IN-PART and DENIED- IN-PART. I recommend that Columbus Life’s Motion to Dismiss Wells Fargo’s Counterclaims (D.I. Those affirmative defenses and counterclaims are at issue here.įor the reasons explained below, I recommend that Columbus Life’s Motion to Strike Wells Fargo’s Affirmative Defenses (D.I. Defendant has also pleaded a number of affirmative defenses as well as various tort and estoppel counterclaims. Plaintiff Columbus Life Insurance Company says that the policy is an illegal stranger-originated life insurance (“STOLI”) policy, and it seeks a declaration from the Court that the policy is void ab initio. ![]() REPORT AND RECOMMENDATION This dispute arises out of an insurance policy on the life of Ann Snyder. WELLS FARGO BANK, N.A., as Securities Intermediary, FOR THE DISTRICT OF DELAWARE COLUMBUS LIFE INSURANCE COMPANY,
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