(Complaint, 104.). This policy was a loser regardless if it was a level or increasing death benefit. Weaver obtained financing from Wintrust Life Financial (Wintrust). Therefore, the Court grants the ex parte application and advances the hearing on the motion to the same date/time as the case management conference: December 8, 2021, at 8:30 a.m. Pacific Life Insurance Company v. U.S. Bank, National Associ The complaint, brought by Mitchell Silberberg . Nov. 21, 1998 12 AM PT <i> From Associated Press</i> Pacific Life Insurance Co. of Newport Beach has agreed to pay more than $115 million to settle a class-action lawsuit claiming it. Plaintiffs assert a First Cause of Action with five separate counts (for intentional misrepresentation, fraudulent concealment, professional negligence, unfair competition, and intentional infliction of emotional distress) against all defendants except United Omaha. Complaint; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. In addition, Silverman sold Gary Marenzi and Rebecca Prange an annuity with Nationwide Life Insurance Company of $213,467. (Id., 83.) Click Change Settings if you want to tailor the use of your cookies. Proc., ; 452.) such links, we may receive a commission, but it will not result in any additional charges to you. v. Pacific Life Insurance Company, et al.. Case No. The plaintiffs allege that PacLife designed and marketed this product specifically to skirt the spirit of Actuarial Guideline 49 (AG49). Although Li brought her PacLife class action lawsuit on behalf of a Class of California policyholders, consumers from all states may have been impacted by similar policies. Simple! Blending exists as a way to manipulate a policy's design and augment the cash value achievable in the policy. For information on deleting the cookies, please consult your browsers help function. (Id., 84.) 05/16/2023 at 09:30 AM in Department 39 at 111 North Hill Street, Los Angeles, CA 90012; Jury Trial, 05/05/2023 at 09:30 AM in Department 39 at 111 North Hill Street, Los Angeles, CA 90012; Final Status Conference, 11/17/2022 at 09:00 AM in Department 39 at 111 North Hill Street, Los Angeles, CA 90012; Hearing on Motion to Compel Discovery (not "Further Discovery"), Motion to Compel Discovery (not Further Discovery) - 1 moving party, 1 motion; Filed by Pacific Life Insurance Company (Defendant), Declaration (of M. Lilly iso Motion to Compel Discovery); Filed by Pacific Life Insurance Company (Defendant), Case Management Statement; Filed by Daniel M Silverman (Defendant). (Ibid.) Disciplinary orders - Texas Department of Insurance 1. 05-23-23 Pacific Life Named by Points of Light as One of America's 50 Most Community-Minded Companies for Second Year 04-18-23 Pacific Life Launches New Variable Universal Life Product for Wealth Transfer Market In order to sell life insurance, a financial professional must be a properly licensed and appointed life insurance producer. Dependent on issuing company. (Ibid. Certain plaintiffs (Marenzi, Rebecca Prange, and Wesley Prange) assert a Second Cause of Action with four separate counts (for negligence misrepresentation, breach of contract, professional negligence, and declaratory relief) against United Omaha and Daniel Silverman. The class action goes as far as to allege that PacLife structured the PDX Policies in a way that incentivizes its sales agents to heap even more risk on the unwitting policyowners, offering their own sales agents commissions if they successfully push through a PDX IUL policy sale. Cancellation and Refund Policy, Privacy Policy, and EquiTrust Life Insurance Company, since 2011 a subsidiary of Guggenheim Partners LLC, has long been a major provider of life insurance and annuities products to senior citizens. The motion has been calendared for January 4, 2022, so Counsel seeks to advance that hearing. v. Pacific Life Insurance Co., et al., Case No. PACIFIC LIFE INSURANCE COMPANY v. WELLS FARGO BANK, NA et al Company profile page for Pacific Life Insurance Co including stock price, company news, press releases, executives, board members, and contact information at 4:20 PM in Department 39, Stephen I. Goorvitch, Presiding; Court Order, Minute Order ( (Court Order: NOTICE OF RELATED CASE)); Filed by Clerk. DocketNotice and Acknowledgment of Receipt; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. (Ibid.) 1:23-CV-01511 | 2023-06-15. that reports on class action lawsuits, class action settlements, Pacific Life Insurance Company is a Southern California provider of life insurance, annuities, and mutual funds. With the mention that companies can often cause problems for a product category as a whole when they issue products like this. (Ibid.) Absent that rating, United Omaha would charge a greater premium. Your email address will not be published. All you need to know about this case is that a after making two installments of $500,000 into an IUL, a policyholder ended up with a surrender value of under $400,000, having borrowed or withdrawn nothing. Attorneys are interested in speaking to policyholders who currently hold or previously held the PDX policies issued between 2017 and 2019 as these policyholders legal rights may be affected. such links, we may receive a commission, but it will not result in any additional charges to you. EquiTrust Life Insurance Company - Evans Law Firm, Inc. When interest rates fall, insurance company general accounts have less money available to purchase the options on the SP500, which in turn forces a lower illustrated rate. However, when the market is performing poorly, the opposite is true. v. Pacific Life Insurance Company, Motion to Compel Further Discovery Responses. The Court shall hold a compliance hearing on May 26, 2023, at 8:30 a.m. 5. Notice of Posting of Jury Fees; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. 3:5-7.) In the case of a sudden or unexpected death, life insurance can help cover debts and provide income for bereaved family members. Final Verdict. Then, Plaintiffs discovered that, in fact, the United Omaha policy was not paid-up for 20 years, requiring them to pay $596,960 to maintain this policy for the full 20 years, per their original plan. Consumers may not know about the intricacies of IUL policies, allowing PacLife to exploit their lack of knowledge. The settlement was approved by a Georgia district court and included direct payments to class members, and cash credits to affected consumers annuity accounts. Blending for indexed universal life insurance policies normally has little long term effect on cash value accumulation and most typically results in a reduced surrender charge. This field is for validation purposes and should be left unchanged. Complaint Type: Problems with Product/Service. The lawsuit, filed by Cozen O'Connor, centers on a $20 million stranger-originated life insurance (STOLI) policy that was . The Court heard the motion on November 17, 2022, and ordered Plaintiffs to produce verified responses, without objections, within thirty (30) days. I was told not to worry about understanding it, and that the illustrations shows that it works. PacLife faces legal action contending that the company misled indexed life insurance policyholders about the fees and risks associated with the policies. Investor Relations - Pacific Life I'm not necessarily saying that was the circumstance in this specific case, but the complaint brought it up and itcould become a subject for further exploration among insurance regulators. So regulatory action already removed one of the key pillars of the plaintiffs' case against PacLife. (Ibid.) Agents who market life insurance as a savings vehicle, but fail to make use of blending have always ventured into territory that might one day be illegal, and this lawsuit might be the catalyst for that eventual discussion/reality. An Ugly Indexed Universal Life Insurance Lawsuit I have been very concerned about the excessively high fees involved and am having trouble seeing how this can possibly work as illustrated to me by my producer. Pacific Life sued US Bank Monday in Florida Southern District Court. ), In reliance on Weavers representations, Gary Marenzi and Rebecca Prange directed the trustees of the trusts to proceed with the applications for new $20 million PacLife policies, one on Marenzi and one on Prange. Plaintiffs Gary Marenzi, Rebecca Prange, Gregory Prange (as trustee of the Marenzi Insurance Trust No. Based upon the foregoing, the Court finds that the first set of claims and the second set of claims have been improperly joined in the same case. Civil Case Cover Sheet; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. You must contact the Policyholders from all states are invited to speak to these legal professionals, though attorneys are especially interested in speaking to Arizona, California, Florida, Illinois, Michigan, Minnesota, and New Jersey consumers. Privacy Policy | Gary Marenzi, Et Al Vs Pacific Life Insurance Company, Et Al I wrote Financial Recovery in 1980 and the industry invented Universal Life as an end-run around cost disclosure. The trustee is Gregory E. Prange. Rules of Court, rule 9.40, subds. The complaint spends several pages building a case to define PacLife's character. On January 18, 2022, I notified my broker that I wanted to cancel the . Public Records Policy. Evans Law Firm, Inc. wasnt involved with this case but will investigate annuities sold by Pacific Life Insurance Company. Per California Rules of Court, rule 9.40, attorneys who are licensed to practice and in good standing in other states may, upon court approval, appear as counsel pro hac vice in a pending case if an active member of the State Bar of California also appears as counsel of record. What Is Considered Elder Abuse and What Isnt? (Id., 81.) The point in discussing blending was that the complaint brought it up in the context that the agents who sold the policy did not disclose to the client that there was an option to potentially make a better policy that had a lower cost versus a non-blended design. Marriott gets win in Wardman Park lawsuit against Pacific Life Write a 100k IUL and another 900k a 30 year term policy. DocketComplaint; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. the content you have visited before, Advertising: Gather personally identifiable information such as name and location, Advertising: Use information for tailored advertising with third parties, Advertising: Allow you to connect to social sites, Advertising: Identify device you are using. The Evans Law Firm serves areas throughout California, including San Francisco, Oakland, Sacramento, San Jose, Alameda, Santa Cruz, Berkeley, Walnut Creek, Hayward, Richmond, Marin, San Rafael, Santa Rosa, Petaluma, Fremont, Palm Springs, Indio and Counties: Alameda, Bay Area, Contra Costa, Los Angeles, Marin, Riverside, San Bernadino, San Diego, San Francisco, San Mateo, Santa Clara Counties and all South Bay, East Bay and all Northern and Southern California counties. In late August 2018, Gary Marenzi and Rebecca Prange met with Silverman and Weaver, during which Weaver represented that Marenzi and Prange would not have to pay premiums or interest out-of-pocket and while they might need to post a small amount of collateral, it would be refunded after the loan funded. Click Accept if you consent. Reliance Insurance Company - Wikipedia Defendants counsel shall provide notice and file proof of such with the Court. The dramatic change in policy values was the motivation for filing the lawsuit. Call Customer Service. A class action lawsuit filed in California against Pacific Life Insurance Company (PacLife) challenges its sales and marketing representations. (Ibid. Therefore, the Court sustains United Omahas demurrer on this basis. (Id., 16.) Silverman also sold them two separate disabilities policies, as well as health insurance and long-term care insurance. 3. Complaints Trend. Darryl Button Named President and CEO of Pacific Life Docket activity of federal case PACIFIC LIFE INSURANCE COMPANY v. WELLS FARGO BANK, NA et al, case number 2:16-cv-08984, from New Jersey Court. Most of the best life insurance companies we reviewed . Were not defending the product, the company, or anyone involved in selling it. The Court (again) orders Plaintiffs to provide verified responses, without objections, to the RPDs within thirty (30) days. DocketCivil Case Cover Sheet; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. Pacific Life Insurance Company Hit With Class Action Lawsuit Over Full Name Phone Email Address Comments. Decide which cookies you want to allow. DocketProof of Personal Service; Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. Blending allows us to take many of the cash-building advantaged attributes universal life insurance has and give them to whole life insurance. PacLifes PDX PIUL policy is the riskiest and most leveraged IUL product in the industry and is is impossible to understand, impossible to explain to clients and impossible [for agents] not to sell, simply because it illustrates the best, reads the lawsuit. (806) 345-7400. SERVICE FORMS. Nevertheless, the time period is different for each set of claims. According to the companys announcement, these new policies build on the structure of the first PDX policies with an added Enhanced Performance Factor Rider that allows policyholders more options for their policies. Plaintiffs assert a First Cause of Action with five separate counts (for intentional misrepresentation, fraudulent concealment, professional negligence, unfair competition, and intentional infliction of emotional distress) against all defendants except United Omaha. (Id., 4.) 07/28/2021 Case Status: Pending - Other Pending Case Type: Contract - Other Contract Court: Los Angeles County Superior Courts Courthouse: Stanley Mosk Courthouse County, State: Los Angeles, California Judge Details Presiding Judge STEPHEN I. GOORVITCH Party Details Plaintiffs MARENZI GARY PRANGE GREGORY PRANGE REBECCA PRANGE WESLEY Defendants Counsel is licensed to practice and in good standing in Maryland, where he resides. Additionally, Silverman sold Rebecca Prange a $500,000 life insurance policy with Continental Western Insurance Company. This case was filed in U.S. District Courts, Minnesota District Court. The Court finds that the amount is fair and reasonable under the circumstances. Actions does not process claims and we cannot advise you on the DocketNotice of Case Management Conference; Filed by Clerk. The case status is Not Classified By Court. Top Class Actionss website and social media posts use affiliate links. Gary Marenzi, et al. Based upon the foregoing, the Court orders as follows: 1. v. Pacific Life Insurance Company, et al. Agent Xu recommended Li buy a PacLife PDX policy designed to accept five $500,000 annual payments. (Ibid.) On October 20, 2020, Wintrust billed Gary Marenzi and Rebecca Prange for more than $300,000, including a demand for $79,499 in additional collateral. Therefore, the Court orders Plaintiffs and their counsel, jointly and severally, to pay sanctions in the amount of $2,935 within thirty (30) days. 4. The Court declines to afford leave to amend, as it is clear that Plaintiffs cannot amend the complaint to address these issues. Ultimately, the blending discussion is one of simple suitability. Status: Resolved. This is exactly why showing the worst-case scenario on a life insurance illustration is important. I didnt understand that the illustration involved my borrowing from my policy and reinvesting large sums for several more years. And a policy started in 2017 2019 somehow underperformed by 2020 (when the lawsuit was filed) Pretty short time frame to say something hasnt worked & need to file suit. (Id., 26.) Pacific Life | Securities Law Firm ), In approximately March 2016, Silverman became acquainted with Wayne L. Weaver (Weaver), who said he had a program that they could market to Silvermans client on which they could split the commissions paid by the insurers. It was a matter than when the 6% advertised rate fell by 18%, the 4x multiplier turned this into a 64% loss. Pacific Life | Life Insurance Tools for Financial Professionals (Id., 24.) Pacific Life Insurance Company is licensed to issue insurance products in all states except New York. Unfortunately, when faced with poor policy performance or mounting premiums, consumers may have been forced to surrender their policies. the Pacific Discovery Xelerator IUL 2, InsuranceNewsNet reported. State Farm Life Insurance Company; State Farm Life and Accident Assurance Company; State Farm Annuity and Life Insurance Company of Bloomington, IL: 20185400: 2/12/2018: Life Insurance For information on deleting the cookies, please consult your browsers help function. . @media(min-width:0px){#div-gpt-ad-theinsuranceproblog_com-leader-1-0-asloaded{max-width:300px!important;max-height:250px!important;}}if(typeof ez_ad_units != 'undefined'){ez_ad_units.push([[300,250],'theinsuranceproblog_com-leader-1','ezslot_9',162,'0','0'])};__ez_fad_position('div-gpt-ad-theinsuranceproblog_com-leader-1-0'); The in-force illustrations provided by PacLife depicted much lower values than the ones Li saw in the original illustration used by agent Xu to sell her the PacLife PDX policy. If you or a family member was sold a deferred annuity from Midland Life Insurance Company (Midland), and would like one of our lawyers to looks at it for a free and confidential review, please contact the Evans Law Firm. (800) 548-2962. Business hours. Plaintiff served the SROGs in October 2022, and Defendant served timely objections. Plaintiffs argue that there is some potential overlap in damages. The Court orders Defendant to file a declaration on or before May 19, 2023, informing the Court whether Plaintiff has complied with this order. Adding in a policys individual minimum and maximum rates, it can be confusing for consumers to understand the potential for risk and rewards with IUL policies. Not one of the facts of this case has anything to do with blending or worst case illustrations, because no worst case illustration ever contemplated this scenario. When policyholders live to an older age, these policies may help provide retirement income for aging seniors. Plaintiffs speculate that the insurance companies will argue that because the PacLife and Lincoln policies were replacing the United policy (and others), United should not have to pay damages because they are subsumed in the claim against PacLife and Lincoln, or conversely, PacLife and Lincoln should get a credit for the damages United pays. (Plaintiffs Memorandum of Points & Authorities, p. (Id., 11.) status of any class action settlement claim. (See Courts Minute Order, dated November 17, 2023.) And the best part of all, documents in their CrowdSourced Library are FREE! History Consumers may have sought a through Pacific Life Insurance Company in order to protect themselves and their families or to save for, The Pacific Discovery Xelerator policy is Pacific Life Insurance Companys take on the, Pacific Life Insurance Company describes their PDX policies as able to provide lifelong. 3/23/2022: Stipulation and Order - STIPULATION AND ORDER PROPOSED STIPULATED PROTECTIVE ORDER GOVERNING CONFIDENTIAL INFORMATION, 5/3/2022: Minute Order - MINUTE ORDER (COURT ORDER: NOTICE OF RELATED CASE), 5/3/2022: Certificate of Mailing for - CERTIFICATE OF MAILING FOR (COURT ORDER: NOTICE OF RELATED CASE) OF 05/03/2022, 5/10/2022: Notice - NOTICE COURT ORDER RE NOTICE OF RELATED CASE, 9/6/2022: Declaration - DECLARATION OF M. LILLY ISO MOTION TO COMPEL DISCOVERY, 9/6/2022: Motion to Compel Discovery (not Further Discovery) - 1 moving party, 1 motion, 1/12/2022: Notice - NOTICE NOTICE OF WITHDRAWAL OF MISTY A. MURRAY AS COUNSEL OF RECORD, 11/17/2021: Opposition - OPPOSITION PLAINTIFFS' OPPOSITION TO DEFENDANT UNITED OF OMAHA LIFE INSURANCE COMPANY'S DEMURRER TO COMPLAINT, 11/23/2021: Reply - REPLY DEFENDANT UNITED OF OMAHA LIFE INSURANCE COMPANY'S REPLY BRIEF ISO ITS DEMURRER, Hearing05/16/2023 at 09:30 AM in Department 39 at 111 North Hill Street, Los Angeles, CA 90012; Jury Trial, Hearing05/05/2023 at 09:30 AM in Department 39 at 111 North Hill Street, Los Angeles, CA 90012; Final Status Conference, Hearing11/17/2022 at 09:00 AM in Department 39 at 111 North Hill Street, Los Angeles, CA 90012; Hearing on Motion to Compel Discovery (not "Further Discovery"), DocketMotion to Compel Discovery (not Further Discovery) - 1 moving party, 1 motion; Filed by Pacific Life Insurance Company (Defendant), DocketDeclaration (of M. Lilly iso Motion to Compel Discovery); Filed by Pacific Life Insurance Company (Defendant), DocketCase Management Statement; Filed by Daniel M Silverman (Defendant). Plaintiffs did not response to Defendants RPDs, so Defendant filed a motion to compel on September 6, 2022. Since the early 1990s, Gary Marenzi and Rebecca Prange have relied on Daniel M. Silverman (Silverman) as their financial advisor and life insurance agent. When, if ever, will the public ever understand that insurance is insurance and that investments are investments? Summons (on Complaint); Filed by Gary Marenzi (Plaintiff); Rebecca Prange (Plaintiff); Gregory Prange (Plaintiff) et al. Jackson National Life Insurance $8.75M Annuity - Class Action Lawsuits Visit Website. For those seeking out whole life insurance as a retirement option, Infinite Banking et. (Declaration of Matthew E. Lilly, 3.) 4. This motion was filed on December 23, 2022. (Id., 19-21. Li and her family met a second time with Xu and at that meeting, Xu presented Li with a new life insurance illustration for the same PacLife IUL policy, but with a few alterations from the original proposal that appeared to make little significant change to policy values. (c), (e).). We use cookies to improve functionality and performance, enhance user experience, and provide tailored content. Gary Marenzi and Gregory Prange signed Gary Marenzis application on October 19, 2018. document.getElementById( "ak_js_2" ).setAttribute( "value", ( new Date() ).getTime() ); document.getElementById( "ak_js_3" ).setAttribute( "value", ( new Date() ).getTime() ); document.getElementById( "ak_js_4" ).setAttribute( "value", ( new Date() ).getTime() ); Please note: Top Class Actions is not a settlement Attorneys are interested in speaking to PacLife IUL policyholders from all states, especially those from Arizona, California, Florida, Illinois, Michigan, Minnesota, and New Jersey. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Top Class Actions is a Proud Member of the American Bar Association, Various Trademarks held by their respective owners. By contrast, the complaint details all of the additional charges Plaintiffs were forced to pay as a result of Weavers alleged misrepresentations, as well as their severe emotional distress. (Id., 31-41.). This website is not intended for viewing or usage by European Union citizens. @media(min-width:0px){#div-gpt-ad-theinsuranceproblog_com-medrectangle-4-0-asloaded{max-width:300px!important;max-height:250px!important;}}if(typeof ez_ad_units != 'undefined'){ez_ad_units.push([[300,250],'theinsuranceproblog_com-medrectangle-4','ezslot_2',158,'0','0'])};__ez_fad_position('div-gpt-ad-theinsuranceproblog_com-medrectangle-4-0'); At the core of this lawsuit are PacLife's PDX Indexed Universal Life Insurance policy and its extremely obtuse multiplier bonus. You must contact the (Id., 10.) (Ibid.) Now, PacLife moves to compel further responses to form interrogatories, special interrogatories, and requests for production of documents that were served in December 2021. The lawsuit was filed Aug. 6 in Orange County Superior Courts by plaintiffs Hong Li and Tailong Liu. . Indeed, Plaintiffs seek $596,950 in damages to pay the policy to the 20th year of the contract. On 06/29/2021 ABIGAIL MAMBOLEO filed a Contract - Business lawsuit against PACIFIC LIFE INSURANCE COMPANY. Case Summary. Pacific Life Announces New Chief Financial Officer and Expansion of Management Committee. (Cal. Unfortunately, IUL policies are not cut and dried. Defendant served RPDs on December 1, 2021. These claims relate primarily to premium financing issues and the related representations. The goal of this section is to provide consumers with a comprehensive resource on class action and mass tort lawsuits. Other life insurance policies may have a fixed interest rate, which stays the same over time, or a variable interest rate, which changes over time in a reflection of the economy. Consumers may have sought a through Pacific Life Insurance Company in order to protect themselves and their families or to save for retirement. ), In 2011, Silverman represented to Gary Marenzi and Rebecca Prange that United Omaha would issue a joint and last survivor flexible premium life insurance policy with a death benefit of $3 million that would be fully funded at the guaranteed values for 20 years with a payment of $104,000 at the outset, which could be paid over two years with each payment being $52,000. (Id., 17.) Apr 1, 2022. Contact Information. @media(min-width:0px){#div-gpt-ad-theinsuranceproblog_com-box-4-0-asloaded{max-width:300px!important;max-height:250px!important;}}if(typeof ez_ad_units != 'undefined'){ez_ad_units.push([[300,250],'theinsuranceproblog_com-box-4','ezslot_5',133,'0','0'])};__ez_fad_position('div-gpt-ad-theinsuranceproblog_com-box-4-0'); It also mentions another aspect of PacLife's product that touches on a very interesting subject. Nevertheless, section 379 still requires claims arising out of the same transaction, or series of transactions or occurrences. (Code Civ. But we demand a fact-based level of argument around here. The case status is Pending - Other Pending. v. Pacific Life Insurance Company. ), Finally, the Court cannot conclude that there is any overlap in the damages between the two sets of claims, as the allegations make clear that each set of damages stem from different transactions. DocketNotice of Case Assignment - Unlimited Civil Case; Filed by Clerk, Case Number: 21STCV27878 Hearing Date: April 11, 2023 Dept: 39, Gary Marenzi, et al. Based upon Plaintiffs allegations, there would be no basis for any insurance company to seek an offset from another insurance company, since the allegations are discrete. 3:23-CV-00212 | 2023-06-16, U.S. District Courts | Labor | This isnt just an IUL issue. Indexed universal life insurance policies differ from other policies in their applicable interest rate. Pacific Life (Complaint, 104.) Top Class In her PacLife IUL class action lawsuit, Li says that she and countless other California policyholders were misled by marketing materials and sales illustrations insurance representatives showed them. In 2009, Silverman sold Gary Marenzi and Rebecca Prange a $2 million second-to-die or survivorship policy with MassMutual, which Wesley Prange as the trustee of the Marenzi Insurance Trust Number Three owned. The PacLife IUL Class Action Lawsuit is Hong Li, et al. In 2005, Silverman sold Gary Marenzi a $2 million term life insurance policy from First Colony that included an option to convert the policy to a permanent one.
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