Insurance
Jun. 28, 2002
Insureds Must Apply Carefully to Avoid Rescission
Focus Column - By Jordan Stanzler - One twist in the Enron fiasco is the insurance story. Recent newspaper reports indicate that the insurance companies that issued directors-and-officers policies to Enron want to rescind those policies on the grounds of fraud. In the world of insurance, rescission is the dreaded "R" word - the ultimate weapon in the arsenal of insurers. Rescission cancels a policy retroactively and completely, as though it never existed. The policyholder loses all rights to coverage.
By Jordan Stanzler
One twist in the Enron fiasco is the insurance story. Recent newspaper reports indicate that the insurance companies that issued directors-and-officers policies t...
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