No recovery allowed under life insurance policy used for ‘wagering’

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The 7th U.S. Circuit Court of Appeals, applying Illinois law, recently held that a life insurance arrangement in which the insured purchased the policy through non-recourse loans and eventually assigned the policy benefits to others, constituted an unlawful wager — making the policy void ab initio. The case is Sun Life Assurance Co. of Canada v. Wells Fargo Bank, N.A., 2022 U.S. App. Lexis 22813 (7th Cir., Aug. 17). The insurer, Sun Life, was represented by Cozen O’Connor of Chicago. Reed Smith LLP of Chicago and ArentFox …



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