Emerging Landscape of Life Insurance
Created on June 14, 2016
For many years, the key legal concepts in the area of life insurance remained largely unchanged since their origin at the beginning of the twentieth century. However, the recent use of life insurance policies as assets that are bought and sold via viatical and life settlements has led courts and regulators to dust off many of these dormant legal concepts and apply them to fit this growing landscape. This course provides an overview of the insurable interest requirement at the heart of every life insurance policy and summarizes some of the key decisions that have shaped this requirement. This course also takes you on a tour of the extents and limits of the legal devices used for challenging life insurance policies in recent court cases. Also covered will be the efforts by legislators and regulators across the country to adopt legislation and regulations governing viatical and life settlements. Finally, this course addresses some of the future legal and regulatory battlegrounds in the area of the insurance, such as cost of insurance increases and the obligations of carriers and agents to disclose the availability of viatical and life settlements to insureds.
Join Eric Biderman, a Counsel with Arent Fox, for a discussion of this emerging legal landscape of life insurance.
I. Gain a general overview of the insurable interest requirement at the heart of every life insurance policy and explore the key legal precedent that has shaped the law on insurable interest
II. Summarize the extents and limits of the legal devices by which the validity of a life insurance policy may be challenged
III. Identify the key components of the viatical and life settlement laws and regulations that have been adopted across many of the 50 states
IV. Gain insight into the legal concepts surrounding recent efforts by insurance carriers to raise life insurance policy cost of insurance rates
V. Understand the obligations that insurance carriers and agents have to disclose the availability of viatical and life settlements to insureds
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