Jury Awards $5.6M In Fight Over Increased Insurance Rates
Law360, New York (September 14, 2017, 7:14 PM EDT) -- A California federal jury found Wednesday that TransAmerica Life Insurance Co. breached the terms governing 2,400 life insurance policies for Los Angeles residents by changing key cost rates, and awarded $5.6 million in damages.
The two insurance pools totaling 2,400 policies, and co-owned by DCD Partners LLC, insure church congregants in Los Angeles. The plaintiffs said that TransAmerica had made repeated promises not to change the deduction and expense rates above certain maximums, but then did, causing a $2.5 million total premium hike in 2015 and a projected $100 million premium hike over the life of the policies.
A jury agreed...
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