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Policyholder, who was also the beneficiary of a life insurance policy, brought action against the insurer for policy proceeds, which insurer was withholding pending its investigation as to whether the policyholder had an insurable interest in the subject of the life insurance policy. The case is Sun Life Assurance Co. of Canada v. U.S. Bank Nat’l Ass’n, 2016 WL 3671466.

In 2007 Sun Life Assurance Co. issued a $6 million life insurance policy on a wealthy older gentleman who died in 2014. U.S. Bank had purchased the policy in 2011, becoming the policy’s beneficiary. U.S. Bank is designated as a securities intermediary because the life insurance policy was bundled together with other life insurance policies to create a security and the policy was purchased by U.S. Bank functioning as an intermediary on behalf of another investor.

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