Al Zuni Trading, Inc., purchased a $1 million life insurance policy on the life of...
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Al Zuni Trading, Inc., purchased a $1 million life insurance policy on the life of one of its officers, Thomas McKee. Three months later, McKee resigned from the company. Two years later, McKee died. Did Al Zuni Trading, Inc., have an insurable interest in the life of McKee, and thus, was it entitled to the million dollars? Explain. [See: In re Al Zuni Trading, Inc., 947 F.2d 1403 (9th Cir.).]
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