Pronunciation: [stˈə͡ʊli] (IPA) 
The word "STOLI" is commonly spelled using the International Phonetic Alphabet (IPA) as /ˈstoʊli/. This word is short for "Stolichnaya," a brand of Russian vodka that was first produced in 1938. The spelling of "STOLI" follows the traditional English pronunciation of Russian words, where the "i" is pronounced as "ee." STOLI is a popular choice for cocktails and mixed drinks, known for its smooth taste and high quality.
STOLI, an acronym for "Stands for the Old Lady Index," is a term commonly used in the insurance industry to refer to a questionable practice of insuring the life of an elderly person by an unrelated third party. This person, the "third party" or the "stoli investor," typically orchestrates the insurance policy purchase in the name of the elderly individual without their knowledge or consent.
The purpose behind the STOLI arrangement is for the third party to profit from the eventual death benefit paid by the insurance company upon the insured's passing. This involves entering into an agreement to transfer ownership of the policy to the party who plans to benefit financially from the insurance payout. In many cases, the third party investor typically provides some form of compensation, such as a cash payment, to entice and induce the elderly person to participate in this scheme.
The STOLI practice has raised ethical and legal concerns as it could be seen as a form of stranger-originated life insurance and a deliberate circumvention of the insurable interest doctrine, which traditionally requires the policyholder to have a financial or emotional stake in the insured's life. Some jurisdictions have enacted legislation to regulate or prohibit this type of arrangement, while others argue that the contractual rights of the policyholder should be upheld, provided there is no illegal coercion or deception involved.
Overall, STOLI is considered a controversial practice that blurs the traditional boundaries of insurance and raises significant moral and legal questions regarding the value and purpose of life insurance policies.
