Perspective
Nov. 15, 2013
What's material in life insurance rescissions?
Insurers argue since the carrier is the one asking the questions, performing the underwriting, and taking the risk, it - and only it - is the arbiter of materiality. By Howard S. Shernoff
The insurance-industry practice of responding to claims by rescinding policies and declaring them "void ab initio" has been mercifully on the wane. In health insurance, owing to the combination of Insurance Code Section 10384 (which forbids rescinding coverage that has not been thoroughly underwritten), the landmark case of Hailey v. Blue Shield (which denounced rescissions as "patently unfair") and the Affordable ...
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