Wednesday, October 14, 2009
Jury: Allianz deceived customers, but no damages
A federal jury has found that Allianz Life Insurance Co. used deceptive practices in selling certain annuities but awarded no monetary damages in the case, giving both sides reason to declare victory...
...The case centered around the sale of two-tiered index annuities between 2000 and 2007. Such annuities offer the buyer an option of annuitizing the policy, which means giving up the principal investment to the insurance company in exchange for a stream of income. However, fewer than 5 percent of customers annuitize. Those who do not annuitize do not receive the advertised upfront bonus...
Forbes: Jury: Allianz deceived customers, but no damages
...The case centered around the sale of two-tiered index annuities between 2000 and 2007. Such annuities offer the buyer an option of annuitizing the policy, which means giving up the principal investment to the insurance company in exchange for a stream of income. However, fewer than 5 percent of customers annuitize. Those who do not annuitize do not receive the advertised upfront bonus...
Forbes: Jury: Allianz deceived customers, but no damages
Permalink posted by markw @ 4:43 AM 
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