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WITH REGARD TO THE PURCHASE OF A VARIABLE LIFE INSURANCE POLICY, THE CUSTOMER ALLEGES THAT IN OR AROUND JUNE OF 2007 HIS AGENT RETIRED AND A NEW AGENT CONTACTED HIM AND TALKED HIM INTO SURRENDERING HIS POLICY AND REPLACING IT WITH A JOHN HANCOCK POLICY. CUSTOMER ALSO ALLEGES THAT THE AGENT LIED TO HIM AND MISREPRESENTED THE POLICY.
Damage Amount Requested
$25,184.68
7/13/2004
Customer Dispute
Denied
Allegations
WITH REGARD TO A VARIABLE ANNUITY PURCHASED IN AUGUST 2003, THE CUSTOMER ALLEGES THE METHOD USED TO CALCULATE INTEREST WAS NOT ADEQUATELY DISCLOSED. THE CUSTOMER FURTHER ALLEGES HE WOULD NOT HAVE PURCHASED THE ANNUITY HAD HE KNOWN THE METHOD USED TO CALCULATE INTEREST ON THE ANNUITY. THE ALLEGED COMPENSATORY DAMAGE AMOUNT SHOWN BELOW REPRESENTS THE TOTAL AMOUNT INVESTED BY THE CUSTOMER.
Damage Amount Requested
$241,168.89
Broker Comment
UPON REVIEW OF POLICY RECORDS AND DATA, NEW YORK LIFE DID NOT FIND SUFFICIENT EVIDENCE TO SUPPORT THE CUSTOMER'S CLAIMS. NO OFFER OF COMPENSATION HAS BEEN MADE TO THE CUSTOMER.
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.
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.