Herbert Prashker was a partner in a law firm. Pursuant to their partnership agreement, the firm’s partners purchased two life insurance policies on Prashker’s life. The partners were named as beneficiaries. These policies, whose face amounts totaled $1,350,000, were obtained because Prashker was the most significant partner in terms of business generation and size of capital account. Prashker later fell ill with cancer and could no longer practice law. The partners agreed to terminate the partnership business. Five months after the partnership ceased doing business, Prashker died. Prashker’s former partners sought to recover the life insurance proceeds. So did Prashker’s daughter. She argued that the former partners were not entitled to the insurance proceeds because their insurable interest ended when the partnership was terminated. Were Prashker’s former partners entitled to the life insurance proceeds?

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