Policy Purchased by Insured’s Son Held Void for Lack of Insurable Interest

CITATION:  Lincolnway Community Bank v. Allianz Life Insurance Company of North America, 2015 WL 7251931; No. 11 C 5907 (U.S.D.C. ND Ill. 11/17/2015).

SUMMARY:  LincolnWay Community Bank requested a ruling that a life insurance contract it owned on Raymond Veselik was valid, or, if the policy was ruled invalid, that the court restore the premiums it paid. But the court held that the undisputed facts proved the policy unlawful because it was a STOLI policy.  Read More