Paying Insurance Proceeds with a
"Checkbook" Instead of a Check

Abuses By Insurance Companies Related to Retained Asset Accounts

Retained Asset Accounts were designed to create a win - win situation. They would be good for life insurance beneficiaries and also good for the life insurance companies themselves. That's the basis upon which all business should operate. However, in every field of endeavor there are those who may try to take advantage of a situation, and take more than their fair share for themselves.

The lawyers at Advocate Law Group P.C. have had experience with Retained Asset Accounts since their inception. (One of the firm's principals was the inventor of the program and created the largest Retained Asset Program.) These are the areas in which Advocate's attorneys have seen abuses, or an above average potential for abuse:

  • Paying less than market or fair and equitable interest rates.
  • Shirking responsibility for operation of the Retained Asset Accounts they sponsor.
  • Failing to provide clear explanations of the Account's terms and conditions.
  • Misrepresenting the nature of the Retained Asset Account.
  • Failing to disclose how funds in Retained Asset Accounts are protected and the insurance company's guarantee is backstopped.
  • Tolerating delays in claim payments.
  • Delaying delivery of the checkbook so an agent could deliver it (and try to make a sale).
  • Transmitting material in an insecure manner so that thieves could access funds in Retained Asset Accounts.
  • Failing to redress legitimate claims by Accountholders of forged checks or drafts.

The Bill of Rights for Retained Asset Accountholders proposed by Advocate is designed to assure that no accountholder is any less well off as a result of payment through a Retained Asset Account, restore the original integrity of the checkbook instead of a check process, eliminate the potential for insurance company abuses, and make sure that if there is abuse there is full, fast and effective redress for anyone harmed as a result of any insurance company misconduct with regard to Retained Asset Accounts.

If you or an family member has been the subject of abuse with regard to a retained Asset Account, or any other insurance related transaction, contact the attorneys at Advocate Law Group P.C. for a free initial case evaluation or case review at (888) ITS-LEGAL - (888) 487-5342 or request a free case evaluation using the convenient form linked below.

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