X-Message-Number: 645 From: (Ben Best) Date: 9 Feb 92 (14:15) Subject: insurance for cryonics CONCERNING TIMOTHY FREEMAN'S QUESTION OF "INSURABLE INTEREST": I had applications for insurance for cryonics rejected by Financial Life and Metropolitan Life -- and was told that London Life and Canada Life would likewise refuse an application. A hostile article in ON THE RISK (an insurance underwriter's magazine), which raised the question of insurable interest (and also claimed that people applying for cryonics policies are those who expect to die soon), was given as the reason. (I wrote a pro-cryonics article which was subsequently published in ON THE RISK.) New York Life explicitly acknowledges the acceptance of cryonics policies in its administrative policy (so I was told by Arthur McCombs), and Transamerica knowingly accepts cryonics policies. It seems to me that if the question of insurable interest is to be raised, it is in the application period, not at the time the policy is being paid-off. The insurance company grants the policy with full knowledge of who the owner or beneficiary of the policy is -- so they should be held responsible. I especially think they would have a hard time not paying-off after the policy had been in effect more than the two-year contestibility period (even suicide is paid-for after two years). The whole question of "insurable interest" arose in the early days of the insurance industry when certain people were taking-out policies on the lives of famous people or others they didn't even know personally -- as a form of gambling. The prohibition of such policies has nothing to do with policies that name a beneficiary to be a charity like a hospital, orphanage, etc. The line between these two types of policies can become blurred -- especially if there is an implication that a person is being induced to name a beneficiary who is not a relative -- for non-charitable purposes. In practice, however, I think a number of people have already used insurance for cryonic suspensions without any complications. Jerry Leaf comes immediately to mind, but I'm sure there must be others. -- Ben Best () -- Canada Remote Systems. Toronto, Ontario NorthAmeriNet Host Rate This Message: http://www.cryonet.org/cgi-bin/rate.cgi?msg=645