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.