The U.S. Court of Appeals for the Third Circuit has ruled that under New Jersey law, stranger-originated life insurance policies are void from the get-go, but parties to the policy may be entitled to a refund of premium payments, depending on the case.

A three-judge panel of the court upheld a district judge in granting partial summary judgment in favor of Sun Life Assurance Co. of Canada in its case with Wells Fargo Bank.

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