Bean signed an agreement to borrow $ 120,000 from Hazel. To protect Hazel, Bean was to insure his life with Hazel as beneficiary in an amount not less than the unpaid balance of the loan. Bean already had a life insurance policy for $ 200,000 and changed the beneficiary to Hazel to the extent of $ 120,000. At the time Bean died, the balance on the loan was $ 79,000. Hazel claimed the full proceeds of $ 120,000, while Bean’s estate claimed that Hazel had an insurable interest only in $ 79,000. Who is correct?
Answer to relevant QuestionsIn your own words, give reasons why you think people voluntarily obey the law. Describe the role of the judiciary in the United States. How can a police officer determine whether a driver is “ under the influence”? Ward, a former employee of ISD, a computer company, was employed by UCC, a competing computer service company. Ward was charged with obtaining trade secrets illegally through the use of a computer terminal. Using a UCC data ...Paul Revere Insurance Company solicited members of a county bar association to buy disability income insurance. The policy waived all age and health requirements and was open to all members. Blumberg, a new member, sent in ...
Post your question