Robin S. Weinberger & Peter N. Katz, in the National Underwriter write about the historical basis for life settlements and insurable interest.  They note that the legal basis for life settlements is firmly established, going back more than 100 years to a 1911 United States Supreme Court ruling in the case of Grigsby v. Russell.  The decision, written by the legendary Justice Oliver Wendell Holmes, Jr., ruled that the sale of a life insurance policy, validly obtained by someone with insurable interest, could be legally sold to a third party without insurable interest.

via Life settlements and insurable interest: the historical basis | LifeHealthPro.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.