[supercat]

I recall my late wife telling me that, at least in Illinois, third-party life insurance requires the consent of the 'insured'. I don't think there must be an insurable interest necessarily, but I don't think secret policies are kosher.

[FYI, I may be misremembering or misunderstanding what my wife told me, but since worked in the industry and passed her LOMA courses, she should have known].

[Sunshine Sister]

I didn't go past LOMA 1, however I think you are correct.

[Aquinasfan]

I recall my late wife telling me that, at least in Illinois, third-party life insurance requires the consent of the 'insured'. I don't think there must be an insurable interest necessarily, but I don't think secret policies are kosher.

I think it says somewhere in the article that the employees were told about and signed onto a $5000 "free" death benefit without realizing that Walmart would get the rest of the $64k.