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form, backdated to January 3, 2003, the day of VRD/RTD’s formal
termination of its participation in the STEP plan.
On August 7, 2003, STEP informed Ms. Quinn that it had asked
MetLife to change the ownership of the Ms. Quinn policy from the
STEP trustee to Ms. Quinn and that any action to reinstate the
policy had to be made by Ms. Quinn. One day later, MetLife
informed SPSI that it had received STEP’s request to change the
ownership of the Ms. Quinn policy but MetLife’s records indicated
that the policy had expired and was no longer in force. At the
request of Dr. DeAngelis, the Ms. Quinn policy was changed by
MetLife later in 2003 to reduced paid-up insurance retroactively
effective to December 28, 1997, with a face value of $34,135. On
September 30, 2003, MetLife confirmed to Ms. Quinn that she was
the owner of the Ms. Quinn policy and that the policy was being
continued as reduced paid-up insurance in the amount of $34,135,
which would increase as dividends were credited to the policy.
On or after January 16, 2004, Ms. Quinn surrendered the Ms.
Quinn policy to MetLife and received a check from MetLife in the
amount of $15,573.69. MetLife processed the check on January 27,
2004. From December 28, 1993, through January 16, 2005, Ms.
Quinn received life insurance coverage of $34,135 to $410,881
through the Ms. Quinn policy.
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Last modified: March 27, 2008