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New York Life Rescinds Policy

A policy with death benefits of nearly $4 million was applied for in January 2005 by Ralph O. Strasberg, an 82 year old resident of Ephrata, Washington, placed in a life insurance trust with his son, Lonnie, named as trustee.

In December 2006 New York Life and Annuity realized that policy premiums were financed by LaSalle Bank National Association; that the policy was assigned as collateral to Lasalle; and that the acceptance of assignment was signed by Krista Lake, purportedly as Senior Vice President of LaSalle. Either NY Life made a mistake or Krista Lake made a mistake. Krista Lake Senior Vice President of Coventry First, and the wife of Reid Buerger, executive vice president of Coventry First.

NY Life rescinded the policy, and remitted a check for the premium plus interest. The Strasbergs refused to accept the check and filed suit to force the company to retain the policy. NY Life filed suit to request the federal court in Utah to accept their allegation that the policy was applied for with the purpose of selling it to investors who had no insurable interest.

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