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Posts tagged "Annuity death benefit stranger insurable interest incontestable clause Joseph Caramadre"

First Circuit Refers Legal Questions In Notorious Annuity Dispute to R.I. Supreme Court

A civil lawsuit related to a high-profile criminal prosecution has resulted in the First Circuit referring two questions respecting Rhode Island law on annuities to the Rhode Island Supreme Court. The questions are: 1) If the owner and beneficiary of an annuity with a death benefit is a stranger to the annuitant, is the annuity infirm for want of an insurable interest, and 2) Does a clause in an annuity that purports to make the annuity incontestable from the date of its issuance preclude the maintenance of an action based on the lack of an insurable interest?