[bvw]

What's to stop a CFO from waltzing into the local ICUs, and hiring on the ward and then taking out 1 mill a pop (I believe some corp general life policies allow that without medical pre-testing). Those closest to death have a lot of wisdom to offer, you know.

[lepton]

What's to stop a CFO from waltzing into the local ICUs, and hiring on the ward and then taking out 1 mill a pop

The insurance companies issuing the policies. The money doesn't just appear out of nowhere.

[groanup]

"What's to stop a CFO from waltzing into the local ICUs, and hiring on the ward and then taking out 1 mill a pop"

ICU patients are uninsurable. Companies have an insurable interest in their employees. The use of COLI (corporate owned life insurance) is simply a way for companies (the owners of the policies) to shelter taxes both by letting the cash value accumulate tax-deferred and by not surrendering the policies (taxable) but borrowing the cash value out (tax-free). Also the companies receive the death benefits. THE WHOLE SCHEME IS A WAY TO MAKE MONEY AND AVOID CONFISCATORY TAXES. IT HURTS NO ONE.