(Download) "Worthen Bank & Trust Co. v. Franklin Life Insurance Co." by United States Court of Appeals for the Eighth Circuit # Book PDF Kindle ePub Free
eBook details
- Title: Worthen Bank & Trust Co. v. Franklin Life Insurance Co.
- Author : United States Court of Appeals for the Eighth Circuit
- Release Date : January 28, 1966
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 70 KB
Description
By this diversity action plaintiff-appellant, Worthen Bank and Trust Company, sought to recover from The Franklin Life Insurance Company, defendant-appellee, the sum of $11,842.44, together with interest, on the basis of an assignment to it of life insurance renewal commissions due in the future from the defendant, Franklin, to one Rea C. Coulter, its soliciting agent. Coulter had requested Franklin to provide him with an estimate of the value of his future renewal commissions. On February 13, 1964, Franklin wrote to Coulter and after disclosing the amount of renewal earnings in the past, stated as follows: ""It isn't possible to accurately determine the present value of future renewal commissions because of the unknowns -- policy lapse and mortality. However, under a formula generally acceptable to the insurance industry, the present value of your deferred renewal commissions are [sic] approximately at $28,000.00. But this estimate is not to be considered as a guaranty.""