A checklist of steps to help protect you from an errors and omissions lawsuit

Article Abstract:

Insurance agents who wish to avoid errors and omissions lawsuits, which typically allege policy churning or misrepresentations regarding vanishing premiums, can follow a set of procedural precautions. These steps include careful documentation of client meetings and calls, retention of all pages of policy illustrations including those for blend-type policies, and proof of policy delivery. Agents should be careful to provide clients with clear information regarding any additional payments or years that may be required, the effect of reduced dividends, premium classes, or company ratings or assets.

Life Insurance, Direct Life Insurance Carriers, Insurance Agencies and Brokerages, Insurance Agents & Brokers, Errors & Omissions, United States, Practice, Insurance agents

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Most policyholders should emerge "whole" as sale of Executive Life to investors is approved

Article Abstract:

Ninety-five percent of Executive Life Insurance Co's 372,000 policy and annuity holders will get 100% of their policy values, up to $100,000 per person. Holders with policies worth more will get no less than 72 cents for each dollar over $100,000. Executive Life went bankrupt and was placed in conservatorship by California insurance regulators in Apr 1991. This settlement in favor of Executive Life's policyholders raises hopes for the policyholders of another failed insurer, Mutual Benefit Life Insurance Co.

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Rehabilitation plan of Executive Life set back by court; Mutual Benefit plan slowed by bankers

Article Abstract:

The rehabilitation plans of Mutual Benefit and Executive Life Insurance Co have been slowed in the courts. Both plans involve municipal guaranteed investment contracts. California's 2nd District Court of Appeal has ruled that the Executive plan penalizes investors. The Mutual Benefit plan is delayed while bankers press claims for bona fide creditor status in the Superior Court of Mercer County, NJ.

Guaranteed investment contracts

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