Equitable Life Assurance Society v. Studenic

FAY, Senior Circuit Judge:

I. BACKGROUND

Gary Studenic became a licensed chiropractor in 1979. He opened his own chiropractic clinic after obtaining his license and by 1984, had opened a second clinic. In 1980 and 1984, Studenic entered into three disability insurance contracts with Equitable Life Assurance Society of the United States (“Equitable”). The first policy provided for payment of $2000 per month should he become disabled from the practice of chiropractic. The second policy provided for an additional $2000 per month in the event he became disabled. The third policy, which was an…