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Insurance

Apr. 26, 2011

Insurance Probe Yields First Settlement

State Controller John Chiang's office announced a settlement Friday with John Hancock Life Insurance Co. that requires the company to restore policies in California that it allegedly depleted and then cancelled without paying any benefits


By Don J. DeBenedictis


Daily Journal Staff Writer


State Controller John Chiang announced a settlement Friday with John Hancock Life Insurance Co. requiring the company to restore policies in California that it allegedly depleted and then cancelled years after insureds died without paying benefits.


The settlement, which Chiang's office said covers at least 6,400 policies collectively worth more than $20 million, is the first to come out of ...

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