Texas Attorney General Greg Abbott has reached a settlement with two auto credit insurance companies his office claims did not provide required refunds to policyholders who had paid off their car loans in advance.
Under the terms of the settlement, more than 46,000 Texas vehicle owners who bought credit insurance from Service Life and Casualty Insurance Co. in Austin will receive refunds totaling $14.4 million from the company.
In addition, another 6,500 vehicle owners will receive $1.3 million in refunds from Old United Life Insurance Cos. in Mission, Kan.
Officials with Service Life and Old United could not immediately be reached for comment on the settlement.
The refunds apply to vehicle owners whose loans terminated between 2002 and 2006.
These policies were sold to cover vehicle payments in the event the borrower died or became disabled.
According to the Attorney General's Office, the companies' customers bought single-premium policies that were paid in a lump sum, usually when the customers bought the vehicles. The full cost of the credit insurance was then bundled into the buyer's vehicle loan, which in some cases was as long as six years.
Under state law, Service Life and Old United were obligated to refund unearned portions of the insurance premiums to those customers who paid off their loans ahead of schedule. However, the state claimed the companies never refunded the unearned portion.
Technorati tags: settlement loan settlement loan settlement loans
2 comments:
Hello !.
You may , perhaps very interested to know how one can manage to receive high yields .
There is no need to invest much at first. You may start earning with as small sum of money as 20-100 dollars.
AimTrust is what you need
The company incorporates an offshore structure with advanced asset management technologies in production and delivery of pipes for oil and gas.
Its head office is in Panama with offices everywhere: In USA, Canada, Cyprus.
Do you want to become an affluent person?
That`s your chance That`s what you wish in the long run!
I`m happy and lucky, I began to get real money with the help of this company,
and I invite you to do the same. It`s all about how to choose a correct companion utilizes your savings in a right way - that`s AimTrust!.
I earn US$2,000 per day, and my first deposit was 1 grand only!
It`s easy to get involved , just click this link http://gatiropy.ibnsites.com/kyxebic.html
and go! Let`s take our chance together to get rid of nastiness of the life
Good day, sun shines!
There have were times of hardship when I didn't know about opportunities of getting high yields on investments. I was a dump and downright pessimistic person.
I have never thought that there weren't any need in large initial investment.
Nowadays, I'm happy and lucky , I begin take up real income.
It's all about how to choose a proper partner who utilizes your money in a right way - that is incorporate it in real business, parts and divides the profit with me.
You may get interested, if there are such firms? I'm obliged to tell the truth, YES, there are. Please be informed of one of them:
http://theinvestblog.com [url=http://theinvestblog.com]Online Investment Blog[/url]
Post a Comment