Issue: Life policies sold in the mid 1980s with illustrations projecting 12% to 14% returns (pre-empting the need for further premiums after a few years – the premium “vanished”) collapsed as rates fell, leaving insureds empty handed and alleging agent/insurer misrepresentation. Damages include (among others), the lost protection, the delta between what they were sold and what they got as well as punitives as appropriate. Some of these vanishing premium cases still continue to surface.
Overall. Mr. Hager has in-depth, highly technical knowledge and hands-on experience testifying in vanishing premium cases. He has provided:
- Damage testimony (both actuals and punitives)
- Testimony as to applicable law; and
- Testimony as to what the insurer/agents knew or should have known in connection with the illustration they produced.