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Life Partners v. M. Smith
This is a fascinating and morbid dispute.
When M. Smith was diagnosed with cancer and AIDS in the early 1990s, she was given two years to live.
That she is still very much alive today is good news - to everyone but the people who bet big on her dying.
Had Smith perished on schedule, Life Partners Inc. would have made $60,000 on a $90,000 wager - a 66 percent return on the investment.
…
And so, in 1994, Smith sold her $150,000 life insurance policy to Life Partners Inc. of Waco, Texas, for $90,000. As part of the contract, Life Partners set aside $5,510.64 to pay the premiums for Smith’s health- and life-insurance policies, which were linked and could not be separated.
By investing in her fate, Life Partners assumed responsibility for the premiums as long as she lived.
…
Smith defied the odds. She recently turned 50 - and thanks to daily medicine, says she generally feels fine.
http://myopiczeal.blogsome.com/2006/01/23/life-partners-v-m-smith/trackback/
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