Great American Life In $115 Million Settlement.

From: National Underwriter Life & Health-Financial ServicesEdition | Date: January 18, 1999| Author: | Copyright information

Great American Life Insurance Company has agreed to repay up to $115 million to settle its part in an alleged scheme to sell the elderly annuities with severe restrictions and bidden penalties, according to former California State Attorney General Dan Lungren.

The total amount of restitution the Cincinnati, Ohio-based Great American Life pays will depend upon how many seniors in California choose to cancel their Great American Life annuities, said Mr. Lungren.

The seniors, some of whom are seriously ill and suffer from Alzheimer's disease, will be sent detailed letters ...

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