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NY Federal Court Deems Misrepresentation Regarding Multiple Policies Material


January 15, 2009 at 1:47:23 PM

In <i>John Hancock Life v. Perchikov</i>, a judge in the EDNY recently agreed with the insurer that the insured's misrepresentation in its application for coverage regarding the existence of other policies covering the risk was material and permitted recision, because the insurer would not have issued the policy without verifying the existence of additional income.
Although this involved a life insurance policy, it can likely be applied in other areas where the type or amount of coverage issued is related to the value of the underlying risk.

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