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CLIENT WANTED POLICY REFUND-CLIENT ALLEGED
THAT SHE DID NOT UNDERSTAND POLICY ILLUSTRATION AND WANTED HER
MONEY BACK. WANTED 80,000 ACTUAL DAMAGES AND 10,000 PUNITIVE
DAMAGES.
Damage Amount Requested
$80,000.00
Settlement Amount
$45,000.00
Broker Comment
ERRORS AND OMMISSIONS CARRIER SETTLED FOR $45,000. CLIENT PURCHASED UNIVERSAL LIFE POLICY 12/91 TO PAY FOR REAL ESTATE TAXES. AFTER PAYING PREMIUMS FOR 2 YEARS, CLIENT DECIDED SHE WANTED A POLICY REFUND. THE CLIENT'S CHILDREN URGED HER TO FILE A CIVIL SUIT TO GET HER MONEY BACK. MY ATTORNEY AND INSURANCE CARRIER SAW NO REASON FOR A REFUND SO A SUIT WAS FILED AND E&O PAID THE CLAIM.
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.
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Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.