Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
ThinkAdvisor

Life Health > Life Insurance

Preneed Insurer Agrees To Reverse Transactions

X
Your article was successfully shared with the contacts you provided.

The Missouri Department of Insurance, Financial Institutions & Professional Registration has persuaded an insurer in the state to undo some sales.

Lincoln Memorial Life Insurance Company, a unit of National Prearranged Services Inc., St. Louis, has accepted a consent order that calls for it to reverse some life insurance replacement transactions, Missouri officials say.

Lincoln Memorial also has agreed to give regulators access to the records necessary to fulfill the consent order, officials say.

Lincoln Memorial, a company that sold life insurance that helped purchasers pay for funerals, replaced some whole life policies with term policies without the authorization of the preneed trustee, officials say.

National Prearranged Services agreed in April to stop selling preneed contracts in Missouri while the Missouri State Board of Embalmers and Funeral Directors reviews the company’s business activities, officials say.


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.