First Penn-Pacific Life Insurance v. Evans

On March 6, 2001, plaintiff First Penn-Pacific Life Insurance Company filed suit in federal court against William R. Evans, Chartered, seeking rescission of a life insurance policy that it had issued to Stanley Moore. First Penn-Pacific alleged that the Moore policy was void due to fraudulent misrepresentations and lack of an insurable interest. Moore had assigned the policy to Evans, who served as an escrow agent for Answer Care, Inc., a viatical settlement company. In a viatical settlement, investors purchase interests in the life insurance policy of a terminally ill insured. The insured…