This website uses cookies to ensure you have the best experience. Learn more

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...

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...

Find Another Essay On Bankruptcy and Insurance Case Studies

Internet Censorship Two Case Studies: Australia and the United States

2829 words - 11 pages not ethical and internet users should decide for themselves what they can and cannot see. This paper will prove the ethical implications of internet censorship through two case studies: the United States' Communications Decency Act, and Australia's Broadcasting Services Amendment (Online Services) Act 1999. The United States and Australia have both taken two different approaches to internet censorship. However, both countries started out with

Case study of national insurance company and full analysis of the problems faced by the company

2602 words - 10 pages & insurance company (NII), which is facing various problems like higher employee turnover, lower customer satisfaction, lower levels of motivation among employees etc. in the suggested case study. Help of various other research papers and journal articles has also been taken to underpin the possible reasons of the problems of NII and other similar companies in the same industry and how such problems can affect the overall growth and current

World trade organization (WTO) and its role in international trade with three case studies - Research Paper

7618 words - 31 pages WORLD TRADE ORGANIZATION (WTO) AND ITS ROLE IN INTERNATIONAL TRADE: WITH CASE THREE CASE STUDIES (PHILLIPINES, CHINA AND UNITED STATES OF AMERICA) NRE 523 EXECUTIVE SUMMARY This paper reviews the role of World Trade Organization (WTO) in international trade with a focus to Phillipines, China and United States case studies. Background information on the GATT and WTO, free trade and globalization, WTO agreements on agriculture and

Boeing and Walmart Case Studies

1231 words - 5 pages , they are using switching costs as an isolating mechanism to sustain their competitive advantage. True – Buyers will end up incurring significant switching costs if they change to another supplier. The Onecard is a loyalty program that offers customer’s points, discounts and rewards and they will face switching costs if they chose to shop at another grocery store. 2. Referring to the Wal-Mart case study provided, answer the following

Based on the above case studies, you are required to conduct an individual research on SMEs in Malaysia by selecting any particular industries and

2365 words - 10 pages and steady despite all the turmoil that you can find in it. Businesses, particularly, could be if not easily, still be maintained with a little bit of hard work, creativity and smart studies on the field you’ve been resting your investing money on. The phrase ‘government had been supporting’ is that in terms of obtaining guidelines, loans and any other things that you need for a business venture, government invented many agencies under its belt

Chapter 12-17 Case Studies and Questions

5211 words - 21 pages advantage towards competitors as others focus on not bulking their products and buying them separately in the same amount works out to be more expensive, so you get more for the bulk than other supermarkets. 4) Costco has been able to keep their prices low as the location that they use is cheap there is no expensive interior needed for the business. They also have a café and food they sell to earn more revenue. CASE STUDY 12.3 1) Flight centre has

Amnesia in Singular Case Studies and the Experiments Developed Thereof

1570 words - 7 pages . His temporary memory seemed fine, though, and his IQ increased. HM retained a few memory functions, however. He could still learn complicated tasks, without realizing it. The only function of his memory that was severely damaged was his ability to turn short-term memories into long-term memories. Josh Foer writes "Given the horrific outcome of Scoville's surgery, everyone assumed HM would be a singular case study. EP shattered that

Fertility, Reproduction Decision-Making and Education: Case Studies

622 words - 3 pages . Second, because of those individuals who complete more schooling might be a self-selected sample, few studies have restrained for the possible endogeneity of education. (Angeles G., 2003). • National Statistics Office’s “Contraceptive Use Among Filipino Women” states that women with inferior level of education and lesser income, uninsured women, Latina women, and non-Hispanic black women are less likely to have access to family planning services

Fertility, Reproduction Decision-Making and Education: Case Studies

610 words - 3 pages • Couple education was said to be the main reason for the low use of family planning in Eastern Sudan. The strongest determinants for family planning in these places are the husband’s disapproval and their religious beliefs. It is also determined that couples educational status and women’s occupation affects the unmet needs for family planning. • In most population, increasing women’s education helped to decrease the unmet needs for family

Is Water Privatization a Viable option in Latin America? Case Studies of Bolivia and Argentina

2773 words - 11 pages Mokherjee are also of the opinion that, while part of the discrepancy in the two opinions arises from the fact that "most of the empirical studies have pertained to transition countries in Eastern Europe and the former Soviet Union" (McKenzie and Mokherjee, 2003), a large factor is also the difference in the evaluation criteria used by the economists and the social groups. "Increases in efficiency can come at the expense of customers, workers and

Currency crises - 3 case studies: Europe Exchange Rate Mechanism (1992), Asia (1995) and Argentina (2002)

1766 words - 7 pages Case study 1: the ERM crises of 1992-3Put simply, as a precursor to full monetary union (the euro), the economies of the EU undertook a period of exchange rate management in order to create convergence and stability before full conversion to the euro. This took the form of the Exchange Rate Mechanism (ERM). It was a hybrid of fixed and floating exchange rates where currencies were allowed to float against each other but within a pre determined

Similar Essays

Bankruptcy And Insurance Essay

1252 words - 6 pages petition with bankruptcy court. There will be a joint may be file if you are married and both are calming bankruptcy. When a voluntary case is done, the debtor must file a schedule of current income and current expenditures unless the court says not too file this. In 2005 reforms, the court can dismiss individual debtor’s petition for abuse if the debtor does not satisfy the mean test, the mean test measures the debtor’s ability to pay by computing the

Biotechnology And The Law: Case Studies Pset

1148 words - 5 pages 1. While organisms from nature are not inherently patentable, “human-made microorganisms with markedly different characteristics from any found in nature can be patented as long as the other patent requirements are met” (Bhatia “Patenting” 19). To be patentable, an invention must be new, non-obvious, unique, and useful. Thus, following the conclusion of the case Diamond v. Chakrabarty, which states that as long as the invention meets the above

Case Studies And The Design And Application Of Information Technology

2959 words - 12 pages Case studies play a significant role in the design and implementation of information technology. This is because of the fact that the global information technology industry is almost influenced by the same technological trends and it is feasible for them to share information regarding customization, upgrades and developments (Petrides 2000, 23). This paper will attempt to shed light on the manner in which case studies can inform in the design

Couselling, Family And Other Issues In Palliative Case Studies

2611 words - 10 pages INTRODUCTIONThis assignment will take the format of case studies and it is aimed at examining my listening and understanding skills. The case studies I have chosen are ones that have impacted on my career in palliative care. Reflecting on a second possible interpretation within them I will be able to show how important it is to assess each situation thoroughly, as outcomes may be completely different if misinterpreted.CASE STUDY ONEBridget was a