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NEWS ARCHIVES : U.S. and World News :
Insurance
News
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Press Release:
Former Agent Sues LTC Financial Partners
Although Partners openly admitted that Caruthers was the key to its obtaining the NEA Long-Term Care Insurance Program, underwritten by John Hancock, it has refused to pay Caruthers anything more than $10.00 per application submitted instead of a commission-based override. The case is pending in Henrico County Circuit Court, Virginia, and is currently scheduled for a two-day trial starting July 28, 2010. NEA is now Partners' largest account in terms of membership, and, according to the suit, planned on generating an estimated twenty million dollars in premiums during the first 24 months of the relationship. The Complaint also alleges that Partners recognized the NEA account as the largest opportunity in the country related to long-term care insurance, providing a platform for developing other accounts, as well as recruiting agents. Despite this, Partners filed a separate lawsuit in Chesterfield County Circuit Court, Virginia ("Chesterfield Case") against Caruthers, her agency, and NEA Member Benefits Employee, Richard Smith, alleging that Partners has been damaged as a result of landing the NEA account. Caruthers has sought to have the Chesterfield Case dismissed as being filed only for the improper purpose of harassing her and has sought sanctions for the same. A hearing on Caruthers' request is being scheduled.
NEWS SOURCE: Long-Term Care Consultants
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REFERENCES: Former Agent Sues LTC Financial Partners, Linda Tsironis Caruthers, Long-Term Care Consultants Virginia, field marketing organization, insurance broker, National Education Association, press release, Jun 18, 2010. |
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