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regard, we note our finding on the basis of the credible evidence
in the record that Drs. DeAngelis and Domingo, when dealing with
Mr. Rapp, MetLife, and the insurance policies in general, were
not acting as agents of VRD/RTD but were acting in their
individual capacities. We also note our finding that Dr. Durante
was not acting as an agent of VRD/RTD with respect to his policy.
The use of whole life insurance policies and the direct
interactions between the participating doctors and the STEP plan
representatives support our finding that the participating
doctors in their individual capacities fully expected to get
their promised benefits and that any receipt of those benefits
was not considered by anyone connected with the life insurance
transaction to rest on any unexpected or contingent event. Each
whole life insurance policy upon its issuance was in and of
itself a separate account of the insured doctor, and the insured
(rather than the STEP plan) dictated and directed the funding and
management of the account and bore most risks incidental to the
account’s performance. The STEP plan in essence and in operation
was simply an aggregation of separate plans for the participating
doctors and not, as petitioners claim, one single plan in which
various employers participated. The cash value in a
participating doctor’s policy was both intended to be and
actually returned to the insured doctor, net of reductions for
the cost of current insurance coverage and other de minimis
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