Fleisher v. Phoenix Life Insurance Co.
United States District Court for the Southern District of New York
18 F. Supp. 3d 456 (2014)

- Written by Rich Walter, JD
Facts
Phoenix Life Insurance Company (Phoenix) (defendant) marketed several classes of universal-life-insurance policies. Paragraph B of Phoenix’s policies listed the factors Phoenix used to calculate adjustments to its premium rates. Those factors included life expectancy, investment earnings, capital and reserve requirements, and tax assumptions. However, paragraph B omitted policy value and an insured’s age as factors. Phoenix raised its rates for policies with values above $1 million held by class IIIA insureds above age 68 and class IIIB/C insureds above 65. Martin Fleisher (plaintiff), a policyholder, filed a class-action lawsuit in federal district court to enforce the applicable New York law, which prohibited insurers from unfairly discriminating between insureds of the same class and equal life expectancy. Both Fleisher and Phoenix moved for summary judgment.
Rule of Law
Issue
Holding and Reasoning (McMahon, J.)
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