Moody v. Empire Life Insurance Co. of America

McCLOUD, Chief Justice.

At issue in the trial court was the validity of an assignment of the right to receive a portion of the “death proceeds” payable under three “term” life insurance policies. The total amount payable under the policies upon death of the insured was $12,000,000. Shearn Moody, Jr., the insured, the Receiver of Empire Life Insurance Company of America, the owner and beneficiary of the policies, and Protective Life Insurance Company, the assignee of the death proceeds, each sought a declaratory judgment as to the assignee’s “insurable interest” in the life of the insured.…