Can I take out a life insurance policy on a stranger?

Factual Questions
41

[QUOTE=spifflog]
I know is America today, we are rquired to love mom, apple pie and hate Walmart. But why is it scummy? The insurance icompany s letting WM take out the policy, presumably to make money. And WM isn’t going to kill the guy. What’s the big deal?
[/QUOTE]

>>hijack<<< Why are you taught to hate WM.

I don’t get this at all, it’s a store :confused:

42

[QUOTE=Kalhoun]
That scenario makes sense. What if you have a policy on a 4-year old child? Say the kid drowns or is hit by a car. No medical bills incurred. Will a policy pay in that case?
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I had quoted a paragraph from Keeton & Widiss, and insurance law treaty, but the hamsters ate it. Let me summarize:

  1. There will still be funeral costs. http://www.iii.org/individuals/life/special/child/

  2. Courts are willing to relax the insurable interest doctrine somewhat in the case of family members. By extension, they don’t strictly apply the principle of indemnity to family member-life insurance.

  3. In fact, life insurance, generally isn’t subject to the principle of indemnity, at least generally, in most states. If I’m the beneficiary of a $250,000 life insurance policy, I don’t have to prove up losses of $250,000 in order to recover full benefit. I just have to prove that the insured is dead.

  4. There were some issues, historically, with child life insurance.* It was sold door-to-door based on the funeral costs theory. Parents would buy it and pay premiums with money they could have spent on medical care and food.

*based on an insurance law lecture from long ago given by this guy Newsroom - The Source - Washington University in St. Louis . I could be misinformed or have it all jumbled up in my head.

43

[QUOTE=chowder]
>>hijack<<< Why are you taught to hate WM.

I don’t get this at all, it’s a store :confused:
[/QUOTE]

Google
Wal-Mart sucks
and spent 15 minutes reading the results.

It’s complicated, and the answer is off-topic in this thread.

44

[QUOTE=Rick]
What financial loss will you suffer if the pope takes a dirt nap? :dubious:
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He sells t-shirts with the Pope’s face in one of those Ghostbusters-style red crossout circles. New pope = lots of unsellable inventory. :cool: