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False loan claim and interest against policy

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Patti.insurance

Junior Member
What is the name of your state (only U.S. law)?

Prudential says I took out a loan against my life insurance policy and that it has accumulated $2000 in interest. I did not take out a loan. They do not have any proof..not my signature signing for loan, cancelled check, not even my correct address at that time! They have no sufficient evidence, because I did not take out a loan. I have spoken repeated with them, wrote letters, Insurance General wrote a letter, but they will not drop it. Please help.
 
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quincy

Senior Member
Do you know of anyone else who might have known about your life insurance policy and taken out a loan against it?
 

Patti.insurance

Junior Member
False Loan

Do you know of anyone else who might have known about your life insurance policy and taken out a loan against it?
No. At first Prudential said maybe someone else took our a loan but then they later said I was the only one who could take out a loan against this policy....that is in writing in one of their letters to me.
 

adjusterjack

Senior Member
Insurance General wrote a letter, but they will not drop it.
I don't believe that any state in the US has an insurance regulatory agency called "Insurance General" so please reveal where you are located.

Might or might not make any difference as you appear to be at a stalemate and may have to litigate the issue.

How much is the face value of the policy (death benefit)?

When did you take out the policy (date)?

What kind of policy is it? What's it called? You'll find that on the front page of the policy.

How much cash value has accumulated, not counting the alleged loan? You should find a table of values in the policy that will help you compute that.

Answer all the questions including your location.
 

Dandy Don

Senior Member
If you have not already done so, please file a complaint with your state's insurance commissioner.

Are they asking you for payment of this? Send them a certified letter asking them to please send you whatever documentation they say they have about this so you can evaluate the evidence to perhaps figure out what might have happened here.
 

eerelations

Senior Member
Send them a certified letter asking them to please send you whatever documentation they say they have about this so you can evaluate the evidence to perhaps figure out what might have happened here.
According to OP the insurance company has no documentation whatsoever...which makes the whole thing seem more than a bit fishy. For example, how would the insurance company even know that OP took out a loan if it has no documentation of said loan?
 

LdiJ

Senior Member
According to OP the insurance company has no documentation whatsoever...which makes the whole thing seem more than a bit fishy. For example, how would the insurance company even know that OP took out a loan if it has no documentation of said loan?
Their computer system shows a loan against the policy, but they cannot find the paperwork to back it up. That sounds to me like a potential data entry error sometime in the past, probably when the loan was taken out. Therefore there is probably another policy holder out there who took out a loan against their policy, and that loan is not showing up in the insurer's computer.
 

adjusterjack

Senior Member
We still don't know where this OP is located.

According to my list of Insurance Departments there is no title of "insurance general" in the US.
 

FlyingRon

Senior Member
I doubt that there is such a thing as an "Insurance General" anywhere. Perhaps he mistyped "Inspector General." The noun in that term, by the way, is an inspector, not general. It's an inspector that deals with things generally, not a general who inspects.
 

adjusterjack

Senior Member
I doubt that there is such a thing as an "Insurance General" anywhere. Perhaps he mistyped "Inspector General." The noun in that term, by the way, is an inspector, not general. It's an inspector that deals with things generally, not a general who inspects.
When I was in the Army a General from the Inspector General Department came to inspect our Battalion.

Sometimes a General does inspect.

:D
 

Patti.insurance

Junior Member
False loan claim

I am sorry....not insurance General, I was just giving a quick review for what has been a year of frustration....let me get terminology correct. I live in Michigan. After many phone calls to Prudential and a few letters, I wrote the State of Michigan Department of Insurance and Financial Services. They wrote to Prudential and sent information to State of Washington because the Intermediate 20 year payment Individual Whole Life policy was issued in Washington State November 23, 1953. State of Washington Office of Insurance Commissioner, XXXXX- Compliance Analyst Consumer Advocacy wrote to Prudential on May 19, 2016. (I spoke with her on the phone. She agreed they had insufficient evidence and her letter to them requested that they remove the loan and interest or reduce the interest.). Prudential wrote on June 9, 2016 stating a loan of $325 (l have a letter from Prudential when I first questioned this loan, dated Dec. 9, 2015, stating:"the original loan amount is not available"... they did not even know how much the loan was for when we first started communication)was granted against the cash value of the policy on December 13, 1977 And they do not have a copy of the cancelled check. The letter states I was the only one who could authorize the loan and was mailed by Prudential BUT they did not have my correct address! They said they did not keep good records in the 70's. Yet, they have the record two years earlier where I got married, changed my name and updated my Address. Seems like they should have better records for issuing a loan!!!!! All they have submitted is a registration card with a box marked loan and rubber stamp date of Dec. 13, 1977. Which as someone on here as mentioned... could have been recorded on the wrong policy. The letters from Prudential always say: "It appears that a loan was taken..." and "our files indicate....". They have no proof because I did NOT take out a loan. And they have changed some of their information. XXXXX, Senior Analyst, Customer Service at Prudential sent a final reply stating they were unable to honor my request to remove the loan and interest. The loan indebtedness is $2125.03...Dec. 13, 2016 interest of $103.76 will be due. Current Cash surrender value $1733.99 or death benefit $3887.03
 
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quincy

Senior Member
I am sorry....not insurance General, I was just giving a quick review for what has been a year of frustration....let me get terminology correct. I live in Michigan. After many phone calls to Prudential and a few letters, I wrote the State of Michigan Department of Insurance and Financial Services. They wrote to Prudential and sent information to State of Washington because the Intermediate 20 year payment Individual Whole Life policy was issued in Washington State November 23, 1953. State of Washington Office of Insurance Commissioner, XXXX - Compliance Analyst Consumer Advocacy wrote to Prudential on May 19, 2016. (I spoke with her on the phone. She agreed they had insufficient evidence and her letter to them requested that they remove the loan and interest or reduce the interest.). Prudential wrote on June 9, 2016 stating a loan of $325 (l have a letter from Prudential when I first questioned this loan, dated Dec. 9, 2015, stating:"the original loan amount is not available"... they did not even know how much the loan was for when we first started communication)was granted against the cash value of the policy on December 13, 1977 And they do not have a copy of the cancelled check. The letter states I was the only one who could authorize the loan and was mailed by Prudential BUT they did not have my correct address! They said they did not keep good records in the 70's. Yet, they have the record two years earlier where I got married, changed my name and updated my Address. Seems like they should have better records for issuing a loan!!!!! All they have submitted is a registration card with a box marked loan and rubber stamp date of Dec. 13, 1977. Which as someone on here as mentioned... could have been recorded on the wrong policy. The letters from Prudential always say: "It appears that a loan was taken..." and "our files indicate....". They have no proof because I did NOT take out a loan. And they have changed some of their information. XXXX, Senior Analyst, Customer Service at Prudential sent a final reply stating they were unable to honor my request to remove the loan and interest. The loan indebtedness is $2125.03...Dec. 13, 2016 interest of $103.76 will be due. Current Cash surrender value $1733.99 or death benefit $3887.03
Real names of people should not be used on this forum. Your post is quoted above minus the names and your post was reported to the moderator for editing. This is for your protection as well as for the protection of those involved in your complaint.
 
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