Midwest Life Insurance sells a life insurance policy to Thiago. Under the terms of the contract between Thiago and Midwest Life, Thiago will pay $75 per month for the policy, and, upon Thiago’s death, Midwest Life will pay $100,000 to Laurelei. Four years later, Thiago dies, and Midwest refuses to pay under the terms of the policy. The party entitled to sue Midwest for its failure to honor the terms of the contract is:

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05-11-2021
Business

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Midwest Life Insurance sells a life insurance policy to Thiago. Under the terms of the contract between Thiago and Midwest Life, Thiago will pay $75 per month for the policy, and, upon Thiago’s death, Midwest Life will pay $100,000 to Laurelei. Four years later, Thiago dies, and Midwest refuses to pay under the terms of the policy. The party entitled to sue Midwest for its failure to honor the terms of the contract is:

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Tundexi Tundexi · Answer 1 · 2021-11-15T09:56:43-05:00

The party which is entitled to sue Midwest for its failure to honor the terms of the contract is Laurelei because she is the contract beneficiary.

Basically, the life assurance policy is a policy which promises to pay the beneficiary of the life assured a certain sum after the death of the life assured.

Here, the contract of assurance is valid because Thiago ensures continuous payment of his premium.

Thus, Laurelei who is a beneficiary to Thiago life assurance is entitled to the sum assured because she is included in the contract terms as a beneficiary since the inception of the contract.

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