Legal Opinion
Bankers Life Co. v. Aetna Casualty & Surety Co.
Supreme Court of Iowa
Decided April 17, 1985No. 84-280PublishedCited by 4 opinions
1Opinion of the Court
WOLLE, Justice.
This case demonstrates how the language and structure of an insurance contract can obscure its meaning when its basic fabric consists of standardized printed forms. Bankers Life Company (Bankers Life) purchased from defendant Aetna Casualty & Surety Company (Aetna) a blanket surety bond which provided coverage for securities losses of the type Bankers Life thereafter sustained. While the bond was in force, Bankers Life lost in excess of $5,000,000 on five separate promissory notes which were part of a massive securities fraud perpetrated by OPM Leasing Services, Inc. (OPM).…
2Cases cited12 opinions
- Connie's Construction Co. v. Fireman's Fund Insurance Co.Supreme Court of Iowa · 1975
- State Farm Automobile Insurance Co. v. MalcolmSupreme Court of Iowa · 1977
- City of Cedar Rapids v. Northwestern National Insurance Co. of MilwaukeeSupreme Court of Iowa · 1981
- Securities and Exchange Commission v. Arkansas Loan and Thrift CorporationCourt of Appeals for the Eighth Circuit · 1970
- Zenti v. Home Insurance Co.Supreme Court of Iowa · 1978
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3Cited by4 opinions
- Cairns v. Grinnell Mutual Reinsurance Co.Supreme Court of Iowa · 1987
- Ferguson v. Allied Mutual Insurance Co.Supreme Court of Iowa · 1994
- Kinzer v. Fidelity and Deposit Co. of MarylandAppellate Court of Illinois · 1995
- Bankers Life Co. v. Aetna Casualty & Surety Co.Supreme Court of Iowa · 1985