by tiger816 » Mon Apr 02, 2012 08:23 pm
Hello, I'm new to this forum. My great grandmother had some type of insurance policy on me when I was a child and I have no paperwork. I did call the company and ask if they had a policy on me or my grandmother and I was told no. Then I recieved a letter years later informing me that there was a class action lawsuit being filed against this insurance company and I had to contact them before a certain date and of course I didn't get the letter until 1 day before the expiration of the filing date. My question is, what else could I do to find out about this policy? This is a very popular company and anyone here would recognize the name. Thanks in advance.
Posted: Tue Apr 03, 2012 03:49 pm Post Subject:
If you missed out on the class action, you probably have no claim. But the way a class action usually works is that you are IN the class unless you OPT OUT. As a member of the class by default, once the matter settles, you have agreed to whatever the terms and conditions of the settlement may be. One of them is forever giving up the right to bring s separate action later.
In most class action matters, the only real winners are often the attorneys. If you know there was a class action, and you were part of the class, then you are still entitled to the relief awarded, unless there was some other time bar stated in the settlement.
If you're thinking that you were owed big bucks because grandma died, that will never happen. The life policy pays when you die, not grandma.
Posted: Tue Apr 03, 2012 05:37 pm Post Subject: Missing insurance policy
Thanks for taking the time to answer my query.
I'm positive that I'm not entitled to any relief from the Class action suit because I as stated I missed the deadline for opting in.
Regarding the policy, I never recieved anything after my Grandma passed away. I clearly remember some guy would come to her home once a month and pick up payments for this insurance. I also remember that as a teenager my grandmother would give me these checks sometimes for $20 or 30 bucks. They had the name of the insurance company on them. Can you shed some light on what type of policy this may have been?
Posted: Wed Apr 04, 2012 04:36 am Post Subject:
I can't tell you what the checks were for, but the life insurance would be something called INDUSTRIAL INSURANCE (or "HOME SERVICE" LIFE INSURANCE). It's been around for more than 100 years. There are still a handful of companies selling this stuff today. What was once 5 cents per week for $1000 of death benefit is about $1.00 today. The maximum amount any one person may have under California law is $10,000.
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