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Kaiser Agency, Inc. (Kaiser), was an independent insurance
agency and was incorporated under New York law in 1958. William
H. Kaiser was Kaiser's sole shareholder until he died on November
8, 1992. From that date until the corporation was dissolved on
or about September 30, 1993, Mr. Kaiser's estate was Kaiser's
sole shareholder.
Kaiser marketed insurance policies underwritten by several
large insurance underwriters and performed three primary
services. First, it issued new policies to insurance purchasers.
In issuing new policies, a Kaiser representative would meet with
the prospective insured to discuss his or her insurance needs.
Based on those needs and the prices offered on suitable policies,
Kaiser would recommend a policy. Upon issuing the policy, Kaiser
would collect the initial premium from the insured and issue the
policy from its office. Policies were printed on forms provided
by the underwriters and were subject to the underwriters'
specifications. The issuance of a policy by Kaiser generally
bound the underwriter to the terms of the policy.
Second, Kaiser made changes to existing policies when
required. For example, if an insured sold his car and bought
another, the agent would review the policy on the car and make
the necessary changes.
Third, Kaiser renewed policies for insureds. The policies
Kaiser marketed generally expired and had to be renewed
periodically. Between 45 and 60 days prior to a policy's renewal
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Last modified: May 25, 2011