Missouri Jury Awards $28.36M in Universal Life Case
December 19, 2022 by Allison Bell
A state court jury in Kansas City, Missouri, has awarded a $28.36 million verdict to the plaintiffs in a class-action case involving flexible-premium, adjustable universal life insurance policies.
The plaintiffs filed the suit have accused the issuer, Kansas City Life Insurance Company, of basing cost-of-insurance-charge increases on factors other than future mortality experience, in conflict with the policies’ cost-of-insurance provisions, over a period of about 30 years.
Click HERE to read the full story via ThinkAdvisor
Wink’s Note: You know how from time-to-time, you hear about an insurance company that has a class action lawsuit brought against them for increasing Cost of Insurance (COI) rates on their inforce Universal Life business?
Well, this one could have knocked me over with a feather! I am surprised to hear that this carrier is involved in such a suit.
What do you think? -sjm
