Koger v. Hartford Life Insurance Co.

HAROLD L. LOWENSTEIN, Judge.

FACTS

In 1983, Appellant Frank W. Koger (“Koger”) purchased and was issued a flexible premium adjustable life insurance policy by Fidelity Bankers Life Insurance Company (“Fidelity”). The policy provided a death benefit of $500,000.00 and a maturity date of June 15, 2025. The policy was designed to work as follows: The policyholder had the right to determine the size of the monthly premium to be paid on the policy, with certain limitations. At the very least, the policyholder had to pay enough to cover the “cost of insurance,” an amount determined by Fidelity, which…