Financial Services Industry
Industry: Email Alert RSS FeedLiberty National Life slapped with churning suit.(Liberty National Life Insurance Co.)
National Underwriter Life & Health-Financial Services Edition, March, 1996 by Friedman, Amy S.
A class-action suit claiming misrepresentation and churning has been filed against Liberty National Life Insurance Co. Costs, restitution, and punitive damages are being requested by plaintiffs. The suit alleges Liberty National sold replacement insurance policies which depleted the cash value of previously owned policies, and misrepresented the need to pay premiums. Liberty National is a subsidiary of Torchmark Corp of Birmingham, AL.
Liberty National Life Ins. Co. has been served with a class action suit alleging churning and misrepresentation.
This suit, field Feb. 21, 1996 in state circuit court in Jefferson County, Ala., alleges that in the 1980s and early 1990s, Liberty National Life agents induced its whole life policyholders to exchange their coverage for...
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