Legal Question in Insurance Law in Florida

I sold my business a year ago, the buyer gave me a 5yr. employment contract to work at the business and train he and his employees in that field.
After a little more than a yr. he told me to retire or be fired. He said I did not meet
his sales expectations, and he could not afford me anymore.
He kept an life insurance policy that I had in place while I owned the business to
help hire someone to run the busines if I passed away.
He now I am sure hopes that will happen and he will be $100K richer.
Can he continue this policy? He rents the buildings for the business from me, and
pays me whenever he feels like it, says he doesn't have the money, I will get it when he has it. I would rather he apply what he pays to keep up the policy on me
to the rent. I was told that he has no insurable interest, and should not be able
to keep this policy since I am no longer there, can you advise me?

Asked on 8/12/09, 11:18 am

David Slater David P. Slater, Esq.

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0 attorneys agreed

Since you are no longer an employee, his key insurance on you is worthless.

Answered on 8/12/09, 12:33 pm

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