Posted by (02/15/2022 American Life Insurance GuideNews)— Randall Smith, a 64-year-old resident of Oceanside, San Diego, was sentenced to two years of probation and ordered to report to him after forgery and embezzlement of more than $12 from his brother’s annuity policy, according to the California Insurance Bureau. deceased brother, and brother'spolicy beneficiaryPay $12 in damages.
Brief introduction to the case
In July 2012, Randall Smith's younger brother, Garrett Smith, purchased a $7 million annuity insurance policy.
Garrett Smith was diagnosed with early-onset dementia earlier in the day before the purchase.
In February 2013, Garrett Smith established a Power of Attorney for his older brother, Randall Smith, due to his illness.
保險局的調查發現，在2014年4月和2015年6月之間，蘭德爾在沒經過他弟弟的知曉下，分6次從年金賬戶離挪用了超過$12萬美元。
Randall posing as his brother Garrett Smith and falsifying documents during phone call with insurance companypolicy beneficiary, thereby withdrawing the funds.
As a result of Randall's actions, his brother incurred an additional loss of approximately $92,000 as a result of the insurance company's fines and early withdrawal penalties.Garrett Smith passed away on December 2015, 12 at the age of 31.
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What is annuity insurance?
the products involved in the case,Annuity Insurance,Also known aspension insurance.
Annuity insurance has several major features, the most traditional one of which is that it can provide lifelong income and cash flow for the policyholder and avoid the financial predicament of "people are alive, but money is gone".
In addition,Annuity InsuranceIt is also a tax-favorable investment and wealth management tool to help policyholders achieve stable asset appreciation.
For some insured persons who are in good health and have certain symptoms, they may not be able to successfully apply for life insurance, but applying for annuity insurance does not require a medical examination.Therefore, for some policyholders who are relatively old, healthy and have some diseases, annuity insurance without physical examination is often the best choice. (End of the case)
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