Archive for December, 2008

Academic Christmas Gift

December 9th, 2008 by Kris

I’ve been studying Insurance all day.  I opened my school email to send a friend some notes and to my surprise I have an email from my professor stating the exam is open book, open notes.  Our exam is multiple choice so this is a little surprising.  What was more surprising is I had never heard him hint of this before.  But hey, I’m not complaining.  I think I would have been completely prepared, but I am appreciative of having the notes as my safeguard.  I think where you get into trouble with open book tests is when you rely on the notes instead of relying on your studying and using the materials as a fallback.  The one thing I’m all but sure of now is that the exam will be entirely composed of application rather than definitional questions.  I’ll study for one or two more hours and walk into the exam with notes in hand.

On a seperate note, AudioCaseFiles.com left a comment on my previous blog entry reviewing their operation.  If your school doesn’t have ACF, you might want to take a look at their open offer.

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More Insurance then Wills

December 8th, 2008 by Kris

My goal is to finish studying for Insurance Law tonight and then spend all day tomorrow reviewing Wills, Estates, and Trusts.  My Insurance exam is Tuesday at 8 am.  We’ve already turned in a research paper so this portion of our grade will be all multiple choice.  Multiple choice always sounds positive, but we all know these questions are rarely gimmes.  Still, I’ll take multiple choice any day of the week over essay.  After I finish the exam, its back to Wills until the following day.  That’s how my next two days stack up.  I’d rather have a day in between the exams, but that’s wishful thinking.  I take solace in knowing that it will all be over Wednesday afternoon.  Until then, I’ll stop in to take breaks and give you updates on my progress.  Back to possible approaches to the interpretation of insurance contracts.

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Insurance Law Case

December 6th, 2008 by Kris

I came across a side case while studying for Insurance that was too noteworthy to ignore.  The case is Mutual of Omaha Ins. Co v. Russell (1968).  Here, the insured tried to buy a life insurance policy in an “airport machine” (I’m guessing vending machine).  The insured wanted to buy a “T-20″ policy from the machine but didn’t have enough change.  He went to the insurer’s booth and was “unwittingly” sold a “T-18″ policy.  The T-18 was shorter in time span but offered more benefits.  The insured died in a plane crash after the T-18 expired but before the T-20 would have.  The court upheld the T-18 and thus no benefits were paid.

The holding makes since, but factually this case is amazing.  This guy actually bought insurance for himself in case he died in a plane crash, which still had to be very unlikely even in 1968.  It turns out his prudency guarding against a super long shot was the correct intuition, but because he didn’t have enough change it was all for nothing.  An anamoly stacked on an aberration against this guy.

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