082626P.pdf   09/18/2009  Robert Rakes  v.  Life Investors Insurance Co.
   U.S. Court of Appeals Case No:  08-2626
   U.S. District Court for the Northern District of Iowa - Cedar Rapids   
   [PUBLISHED] [Wollman, Author, with Riley and Colloton, Circuit Judges]
   Civil case - Insurance. In class action complaint alleging insurer used
   inflated lapse rates to purposefully underprice its long term care insurance
   and gain market share, plaintiffs could not establish actual fraud because
   the policies in question disclosed the insurer's right to increase premiums
   and did not contain fraudulent misrepresentations concerning guaranteed
   renewal; nor did plaintiffs produce any evidence supporting their
   allegations that the insurer fraudulently omitted that it initially
   underpriced the policies with the intent to later raise premiums and shift
   the risk of loss to purchasers; Iowa's tort of bad faith did not cover this
   set of facts; district court did not abuse its discretion in denying 
   plaintiffs' Rule 56(f) motion for a continuance as the plaintiffs had a 
   fair chance to oppose the insurer's motion for summary judgment and the 
   additional discovery they sought was not relevant.