- 40 -
Ms. McDermott had agreed to reinstate the policy as a reduced
paid-up policy retroactive to December 28, 1997. Subsequently,
pursuant to the request of Dr. Domingo, MetLife changed the Dr.
Domingo policy to reduced paid-up insurance retroactively
effective to December 28, 1997, with a face value of $195,924.
MetLife stated in part that it was making this change because
neither Dr. Domingo nor the STEP plan trustee had received timely
notice of either the lapse of the policy or multidistrict
litigation involving MetLife’s marketing practices; the trustee
had directed MetLife to send all mail to the trustee in care of
the STEP plan administrator. Following this change, the Dr.
Domingo policy has continued as participating reduced paid-up
insurance.
From December 28, 1993, through the present, Dr. Domingo
received life insurance coverage of $195,924 to $1,377,206
through the Dr. Domingo policy. As of December 28, 2005, the
policy’s death benefit and net cash surrender value were
$267,034.57 and $185,025.58, respectively.
C. Dr. DeAngelis Policy
On or about January 24, 2002, the ownership of the Dr.
DeAngelis policy was changed to his name. Shortly thereafter,
the Dr. DeAngelis policy was changed from nonforfeiture extended
term insurance to participating reduced paid-up insurance
retroactively effective to December 28, 1997, with a face value
Page: Previous 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 Next
Last modified: March 27, 2008