The Seventh Circuit affirmed with the exception of part of the premiums. The district court granted Sun summary judgment and allowed it to keep almost all of the premiums. ![]() Sun Life rejected a 2017 death claim and sought a declaratory judgment that the policy was void as an illegal wagering contract, procured for the benefit of strangers who lacked an insurable interest, in violation of Illinois law. As expected, Corwell relinquished the policy, which the lender sold to Coventry. At the end of the loan’s 30-month term, Coventry notified Corwell that the balance was $569,572 Corwell could either repay it or relinquish the policy. Sun would not have issued the policy if it had known that Corwell would be using a non-recourse loan to pay the premiums. ![]() Corwell falsely stated that the premiums would not involve premium financing. The annual premium, $300,000 per year, exceeded Corwell’s income almost every year. ![]() would be the primary beneficiary and Corwell would be the owner. In 2006, Corwell, age 78, applied to Sun Life for a $5 million life insurance policy, indicating that his family L.P. Corwell’s insurance broker told him that Coventry would essentially provide free life insurance for a couple of years before an assignment of the policy to those who had funded it from the beginning, at no expense or risk to the insured.
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