Chase Insurance Life & Annyuity Company issued a one million dollar life insuran
ID: 467890 • Letter: C
Question
Chase Insurance Life & Annyuity Company issued a one million dollar life insurance policy to Theresa Officer effective on February 11. Her husband, Dean Officer, was the beneficiary. Two years of premiums were paid, but one year, ten months, and twenty-four days after the policy became effective, Theresa committed suicide. Dean made a claim under the insurance policy and Chase sent him $540, the amount of the premiums that had been paid. The policy stated that Chase would limit the “proceeds” paid under the policy if the insured committed suicide “within 2 years from the Date of Issue; and after 2 years from the Date of Issue, but within 2 years from the effective date of the last reinstatement of this policy.” The “limited amount” was the premiums paid. Should the court limit Dean’s recovery to $540?
Subject; MKTG1130-Business Regs and Compliance
Please don't copy and past from book answer
100 word or more
Please make sense
Explanation / Answer
The constraints of a suicide in a given case are enforceable and legitimate. in the protection contract,liquidated and relinquishment harms is not right approach to apply to suicide denial.
In the protection contract there is appropriate uphold capacity to rejections in light of the fact that according to statutory law,the insurance agencies are will undoubtedly limit the obligation in a way not capricious with the approaches of open.
Ms C suicide procurement says that the constrained sum won't be more than the sum paid in a premium strategy. What's more, is the suicide is conferred then continues will be restricted with in and following 2 years from issue date.