(Stock image) That's Legal: A Man Took Out—and Then Sold—a Life Insurance Policy on Himself
"Nothing in this language excludes from that broad approval a person who secretly 'intends' to turn around and sell the policy to someone without an insurable interest," read the Supreme Court of Georgia opinion drafted by Justice Andrew Pinson.
October 27, 2022 at 01:47 PM
6 minute read
The Supreme Court of Georgia has ruled that, under Georgia law, a life insurance policy—taken out by the insured on his own life with the intent to sell the policy to a third party with no insurable interest, but without a third party's involvement when the policy was procured—is not void as an illegal wagering contract.
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