LAWSUITS NEWS & LEGAL INFORMATION
American-Amicable Life Insurance Co.
A lawsuit was filed on behalf of 42 states, the District of Columbia and Guam against the insurance provider alleging improper sales of insurance and investment products to US service members. American-Amicable and its affiliates allegedly violated insurance and consumer protection statutes in the sale and marketing of certain life insurance products to 92,000 consumers. The term life policies, marketed as "Wealth Builder" or "Horizon Life," were sold primarily to military personnel and often were misrepresented as investment products. American-Amicable Life Insurance Co. has agreed to provide cash refunds and increased policy benefits totaling $70 million. (Aug-04-06) [DENVER BUSINESS JOURNAL]
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Published on Aug-7-06
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