A Fiduciary or Not a Fiduciary?…

April 2006
Journal of Financial Planning;Apr2006, Vol. 19 Issue 4, p10
Academic Journal
This article reports on the New York Supreme Court ruling that an insurance agent who provided financial advice to an insured was not acting as a fiduciary and therefore is not liable for the rescindment of the insured's life insurance. The ruling came in a case where a woman bought two $500,000 life insurance policies, however, she failed to disclose on the application that she had a problem with alcohol. After her death, the insurance company became aware of her misrepresentation and refused to pay the claim. The woman's husband sued the agent for not informing his late wife of the importance of being truthful on the application.


Related Articles

  • FIDUCIARY FUNDS: Agents and Brokers Face Potential New Exposures Amid Uncertainties in Financial Markets. Kiehl, Ehen D. // Insurance Advocate;10/20/2008, Vol. 119 Issue 19, p14 

    The article reports on the role of insurance agents and brokers in the potential exposures of insurance companies in the financial market crisis in the U.S. The author states that agents may require multiple fiduciary accounts or be opened in more than one appropriate bank in order to receive...

  • fiduciary coverage: WEIGHTING the DIFFERENCES. Bickerton, Rob // Canadian Underwriter;Oct2004, Vol. 71 Issue 10, p34 

    Discusses the reduction of pension plan fiduciary liability risk. Reasons for the screening of applicants and mitigating fiduciary risks by brokers; Strategies that can be employed to minimize fiduciary liability risk; Key underwriting considerations for brokers in screening for risks;...

  • Let's Get Personal: Homeowners and Personal Liability Insurance Problems. Trupin, Jerry // Insurance Advocate;3/19/2012, Vol. 123 Issue 6, p12 

    The article presents a reprint of the article "Let's Get Personal: Homeowners and Personal Liability Insurance Problems," by Jerry Trupin, which appeared in the March 19, 2012 issue of "Insurance Advocate." It highlights the policies for homeowners which are intended to provide premises coverage...

  • fiduciary abuse.  // Taber's Cyclopedic Medical Dictionary (2009);2009, Issue 21, p870 

    A definition of the medical term "fiduciary abuse," which refers to the unlawful appropriation and misuse of money held in custody on behalf of a dependent, is presented.

  • The Settlement Advisor And Fiduciary Concerns. Smith, Brandon // National Underwriter / Life & Health Financial Services;2/7/2005, Vol. 109 Issue 5, p14 

    The article focuses on legal responsibilities of life settlement agents and brokers. A life settlement is a relatively simple transaction involving the sale of a property right, of a life insurance policy, through three primary parties. The agent or broker acts as a fiduciary of the owner and...

  • The Writing on the Wall: The Potential Liability of Mediators as Fiduciaries. Clark, Rebekah Ryan // Brigham Young University Law Review;2006, Vol. 2006 Issue 4, p1033 

    The article argues that the law of fiduciary duties can provide an appropriate, effective, and predictable means of defining and regulating obligations owed by mediators to their clients in certain mediation relationships. It provides background information on the law of fiduciary duties,...

  • benefit fringe test for trustees.  // Benefits Magazine;Dec2011, Vol. 48 Issue 12, p66 

    A quiz about fiduciary responsibility is presented, based on the book "Trustee Handbook: A Guide to Labor-Management and Employee Benefit Plans."

  • Have Directors and Officers Engaged in Wrongful Self-Dealing with the Corporations? Heller, Robert // Know: The Magazine for Paralegals;Apr2012, p30 

    The article focuses on the fiduciary duty of directors and officers to the corporations in the U.S. It notes the corporate officers and directors have the responsibility to perform their jobs diligently and competently and must not utilize their positions of trust to advance their private...

  • IRS Final Regulations Define Trust Income. Barnett, Robert S. // CPA Journal;Apr2005, Vol. 75 Issue 4, p52 

    Looks at what trust income is as defined in the final regulations promulgated by the U.S. Internal Revenue Service as of April 2005. State which allows a trustee the power to adjust the amount that may be distributed to a beneficiary by trust provisions referring to trust income; Economic...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics