Life insurer allegedly charged premiums after death
JEFFERSON CITY, Mo. (AP) — A life insurance company accused of charging premiums after policyholders died has settled with Missouri insurance regulators.
The Missouri Department of Insurance says an investigation by its Market Regulation Division found CMFG Life Insurance Co. charged joint borrowers premiums after their spouses died.
The insurance department also says the company charged premiums after individuals were too old to use those policies.
CMFG previously was called CUNA Mutual Insurance Society. It didn’t admit guilt in the settlement, but agreed to issue refunds and pay back estates or beneficiaries of those who were improperly charged after they died.
CMFG also is giving $81,500 to a state school fund.