Southwestern Life Insurance v. Mercer

GIBBONS, Circuit Judge.

Defendants-appellants Scott A. Mercer, Jeffrey L. Mercer, Dennis R. Mercer, and Don. G. Mercer were the owners of a “Concept 90+ ” life insurance policy that had been issued on the life of their mother, Edith Mercer, by a predecessor of plaintiff-appellee Southwestern Life Insurance *374Company (“Southwestern”). The Mercers later voluntarily surrendered this policy in exchange for a refund. Pursuant to a settlement agreement entered into in a class action lawsuit involving the Concept 90 + policy, Southwestern offered the Mercers the option of reinstatement if they agreed…