Articles Posted in Insurance Fraud

Florida Immediate Annuity, Deferred Annuity, Fixed Annuity and Variable Annuity Twisting or Churning FINRA Arbitration and Litigation Attorney:

There are several ways to categorize annuities, and any one annuity may fit into several categories. Immediate Annuities: With an immediate annuity, the annuant pays a single premium and immediately starts receiving payments at the end of each payment period, which is usually monthly or annually. Deferred Annuities: With a deferred annuity, the annuant pays one or more premiums over what is often called the accumulation period. The premiums paid and the interest credited to the premiums goes into a fund called an accumulation fund. There may be a minimum guaranteed interest rate at which the money will accumulate during the accumulation period. Fixed Annuities: A fixed annuity provides fixed-dollar income payments backed by the guarantees in the contract. The annuant cannot lose the investment once the income payments begin. The amount of those payments will not change. With fixed annuities, the company bears the investment risk. Variable Annuities: Variable annuity investments are securities, and fluctuate with economic conditions. The value of a variable annuity depends upon the value of the underlying investment portfolios associated with the annuity. The annuitant bears the investment risk for the value of the security. The value of the annuity will increase or decrease with the investment performance of the security.

Please keep in mind that the above information is being provided for educational purposes only.  It is not designed to be complete in all material respects.  Thus, it should not be relied upon as legal or investment advice.  If after reading this post, you should consult with a qualified professional.

South Florida Insurance Dispute and Litigation Attorney:

The general rule in Florida is that a misstatement in, or omission from, an application for insurance need not be intentional before recovery may be denied pursuant to 627.409. Florida Statute 627.409 provides that :

(1) Any statement or description made by or on behalf of an insured or annuitant in an application for an insurance policy or annuity contract, or in negotiations for a policy or contract, is a representation and is not a warranty. A misrepresentation, omission, concealment of fact, or incorrect statement may prevent recovery under the contract or policy only if any of the following apply:

FAQ’s Relative to the Interpretation of all Types of Insurance Contracts, Including Variable and Fixed Annuity Insurance Contracts – Florida Insurance Litigation and Arbitration Attorney:

Florida law requires that insurance contracts are construed according to their plain meaning and, if a policy provision is clear and unambiguous, it should be enforced according to its terms.  When a contract of insurance is subject to multiple interpretations, the policy language should be construed liberally in favor of the insured and strictly against the insurer as author of the contract.

If, as an insured, you make a claim which is denied by your insurance carrier, it is imperative that you contact qualified counsel to make sure that the denial is justified.  This is especially ture where the policy provision is subject to multiple interpretations.

Florida Indexed Annuity Fraud and Misrepresentation FINRA Arbitration and Litigation Attorney:

Prior to purchasing an indexed annuity, it is important that you understand various features contained in the annuity contract.  Some of these items are set forth below.  Please keep in mind that this information is being provided for educational purposes only.  It is not designed to be complete in all material respects.  Thus, it should not be relied upon as legal or investment advice.  If you you have any questions concerning the below information, you should contact a qualified professional.

What are some of the contract features of indexed annuities?

South Florida Indexed Annuity Fraud and Misrepresentation Litigation and FINRA Arbitration Attorney:

What is an indexed annuity?

An indexed annuity is a type of contract between you and an insurance company. During the accumulation period – when you make either a lump sum payment or a series of payments – the insurance company credits you with a return that is based on changes in a securities index, such as the S&P 500 Composite Stock Price Index. Indexed annuity contracts also provide that the contract value will be no less than a specified minimum, regardless of index performance. After the accumulation period, the insurance company will make periodic payments to you under the terms of your contract, unless you choose to receive your contract value in a lump sum.

Florida Fixed and Variable – Deferred and Immediate Annuity – Fraud and Misrepresentation Litigation and FINRA Arbitration Attorney:

FAQ’s About Annuities:

An annuity is a contract or agreement with an insurance or investment company that provides a source of income or series of payments, from the investment either now or at a set future date, such as retirement. There are two basic types of annuities, deferred and immediate. Deferred annuities allow assets to grow tax-deferred over time before being converted to payments to the annuitant. Immediate annuities allow payments to begin within a year of purchase.

State of Florida Insurance Fraud, Regulation, Misrepresentation, and Negligence Litigation and Arbitration Attorney:

In the Matter of Johan Mary-Lyn Akal, Case No.: 140353-13-AG:

On September 20, 2013, the Florida Department of Financial Services (“Department”) issued a Consent Order against Johan Mary-Lyn Akal, which, in part, required the Respondent to surrender to the Department of Insurance all licenses issued to the Respondent pursuant to the Florida Insurance Code.

Florida Variable and Fixed Annuity, Life and Health Insurance Fraud and Misrepresentation Attorney:

In the Matter of:  Charlotte Bredal Oliver, Case No.: 140535-13-AG:

On September 20, 2013, the Florida Department of Financial Services (“Department”) issued a Consent Order against Charlotte Bredal Oliver, which, in part,  required the Respondent to surrender to the Department all licenses issued to the Respondent pursuant to the Florida Insurance Code.

Variable Annuity Misrepresentation – Florida Litigation and Arbitration Attorney:

In the Matter of:  Matthew Watson Shaw, Administrative Case No: 139968-13-AG: 

On September 4, 2013, the Florida Department of Financial Services entered a Consent Order against Matthew Watson Shaw, which was based upon a Settlement Agreement for Consent Order dated August 9, 2013.  In the Consent Order, the Respondent’s licensure and eligibility for licensure as an insurance agent within the State of Florida was surrendered to the Department.

In the Matter of A & D Insurance, Administrative Case No. 132225-13-AG.

On April 10, 2013, the Department issued a Consent Order against A & D Insurance, which provided in relevant part, that the respondent surrender to the Department is agency registration.

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