Puerto Rico v. Pan American Life Insurance

FINDINGS OF FACT AND CONCLUSIONS OF LAW

CANCIO, Chief Judge.

The plaintiff, the Commonwealth of Puerto Rico’s Employees Retirement System (hereinafter called the Retirement System), instituted this action against the defendant, the Pan American Life Insurance Company (hereinafter called Pan American or the Company) to recover on a credit life insurance policy issued by said defendant upon the life of one of the borrowers of the Retirement System. Admitting many of the facts stated in the complaint, the defendant answered by alleging that this borrower was not an insurable risk and that the…