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Bagby owed Teresa $5,000




Bagby owed Teresa $5,000. She had loaned him the money to purchase a car. To assure herself that she would be repaid the money even in the event of Bagby's untimely death, Teresa purchased a policy on Bagby's life, with death benefits of $1 million. If Bagby does die before the loan is repaid, Teresa will;be able to collect only to the extent of the debt, the cost of the policy, plus interest on these amounts.;be able to collect the entire amount because she has an insurable interest.;be unable to collect an amount that is grossly disproportional to the amount of the debt.;Either (a) or (c), but not (b).


Paper#32653 | Written in 18-Jul-2015

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