Okla. Federal Judge Upholds Rescission of Life Insurance Policy Reinsured by Munich Re

OKLAHOMA CITY — An Oklahoma federal judge has awarded an insurer summary judgment in a case involving rescission of a life insurance policy that was reinsured by Munich Reinsurance Co., ruling that the deceased knowingly made material misrepresentations on the application concerning his medical history.

In an Oct. 12 order, Judge Stephen P. Friot of the U.S. District Court for the Western District of Oklahoma rejected the beneficiary’s argument that rescission was improper because the insurer did not obtain Munich Re’s prior consent, noting the reinsurer agreed with the insurer’s decision after it had been notified two months later.

On …