Summary
In Larry Herrig's mind, the definition of guaranteed has remained unchanged during his 36 years in the life insurance business. A contract signed by a client, an agent and backed by a company is legal assurance that benefits paid for will be delivered.
Another definition seems to have emerged in the industry at- large, however, and Herrig can remain silent no longer. The latest lawsuits filed against Conseco Life achieved class-action status in October and affect 22 of Herrig's longtime clients, most of them retired priests. He not only stands at odds with the industry that has served him well but in opposition to state regulatory agencies whom he says fail to perform proper oversight.See the full content of this document
Extract
Insurance
"This is the saddest thing I've ever seen in this business," Herrig said. "I'm fighting for these policyholders because the Insurance Division of Iowa seems more interested in protecting the companies than the consumer. I thought it was supposed to be the other way around."
Agency officials disagree with Herrig's assessment. They're proud of the $10 million settlement Iowa and 36 other states signed with Conseco regarding its Lifetrend policies, which came under scrutiny in 2008."We do believe in protecting consumers as far as holding a company to delivery on an inherent promise...See the full content of this document
Sponsored links
