by Guest » Tue Jul 12, 2011 02:07 pm
A parent took out a life insurance policy on his terminally ill son when the son was a young child. The child survived well into adulthood. Unbeknownst to the child for decades, the child's parent (who since remarried), still paid on the policy decades later and it is still valid. It is unknown who is the beneficiary of the policy.
The now adult child finds the policy on his life objectionable and wants it voided.
Is there anyway to do so?
The now adult child finds the policy on his life objectionable and wants it voided.
Is there anyway to do so?
Posted: Thu Aug 04, 2011 10:07 am Post Subject:
What is an "insurable interest"? How does it affect a policy?
The purpose of insurance is to pay you when you lose something, to help you recover from that loss. The term "insurable interest" refers to the thing you are worried about losing, the car or the house. You cannot get insurance in cases where you have no insurable insurance.
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Loss Adjuster
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