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Bankruptcy And Insurance Case Studies Essay

1045 words - 5 pages

Scenario 1
Chapter 7 bankruptcy is available to Celia for her credit card debt and in some circumstances for including her student loans (Forgiveness, Cancellation, and Discharge) (Twomey & Jennings, 2014, p. 747).
The discharge of student loans in bankruptcy is rare (Forgiveness, Cancellation, and Discharge). Direct loans, Federal Family Education Loan (FFEL) Program, and Perkins Loans can be discharged if all of the three following circumstances are met (Forgiveness, Cancellation, and Discharge).
1. Celia will be unable to maintainable a minimum standard of living if forced to pay the student loans (Forgiveness, Cancellation, and Discharge).
2. It is evident that the loan repayment ...view middle of the document...

749).
When the trustee claimed that some of Celia’s payments were voidable preferences, this was true. With voluntary bankruptcy, an insolvent debtor cannot favor unsecured debt in lieu of secured debt within 90 days of declaring bankruptcy (Twomey & Jennings, 2014, p. 756). Celia did make voidable preferences when she paid her unsecured credit card bill approximately 48 days before the declaration of bankruptcy.
Scenario 3
In this case, Meridian Life Insurance Company, the insurer and under writer of life insurance for Beth Simpson, the policyholder died within two-year contestability period and Meridian refused to pay Phillip Simpson the beneficiary of the policy.
Interpreting insurance policy contracts is done in the same manner as ordinary contracts where the ordinary meaning of words where the contract requirements are interpreted dependent on the nature of the coverage (Twomey & Jennings, 2014, p. 778). Any ambiguous provisions and exceptions are interpreted in the policyholders favor (Twomey & Jennings, 2014, p. 778). The bad faith refusal of Meridian may be frivolous where the refusal to pay on the insurance policy is unfounded (Twomey & Jennings, 2014, p. 779).
Life insurance policies exceptions include that if the death caused from narcotic usage is not indemnified (Twomey & Jennings, 2014, p. 788). In order to be insured by Meridian, Beth was subject to series comprehensive medical tests to determine her overall state of health including inclusive of blood and urine analysis that will indicate the presence of illegal substances like opiates and THC (Billy, 2013 ). Fibromyalgia is a chronic illness treated with medical marijuana; that is a narcotic containing THC, when traditional treatments do not work, but it is controversial (Taylor, 2008). Therefore, the exception would be ruled in Phillip Simpson’s, the beneficiary’s, favor despite the fact that Beth Simpson passed away before the incontestability clause of the life insurance policy had not expired which was two years (Twomey & Jennings, 2014, pp. 788-789).
However, the issue of misrepresentation on the policy application is also an issue in this case. Beth Simpson stated that she had not seen a physician in three years at the time of the application when in fact her doctors were in the process of diagnosing her with fibromyalgia. Misrepresentation...

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