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withdrawal of $21,407 from the PUAR, and a policy loan of
$46,820. The premium due on December 28, 1997, was not paid
timely, and the policy lapsed for nonpayment of the premium.
MetLife converted the policy to reduced paid-up insurance with a
face value of $511,542.
On or about October 19, 1999, upon the request of Dr.
Domingo (and in connection with the above-referenced similar
request of Dr. DeAngelis), the Domingos survivor whole life
policy was reinstated by MetLife to the full face value and
converted retroactively to a policy with an APL provision. That
feature was then applied to pay the premiums of $77,845 due on
December 28, 1997 and 1998, through an APL of $155,690.
MetLife’s stated reason for reinstating the Domingos survivor
whole life policy in 1999 was that the policy had lapsed because
of “company error”; specifically, MetLife stated, Dr. Domingo
wanted loans to be made automatically from the policy to pay
premiums and was not advised by the broker that the policy was
set up with a nonforfeiture option of reduced paid-up insurance.
The Domingos survivor whole life policy lapsed again after the
nonpayment of the premium due on December 28, 1999 (the cash
value in the policy was insufficient to support an APL), and in
2000 was converted to participating reduced paid-up insurance
with a face value of $579,263.
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Last modified: March 27, 2008