Is it Possible to Get My Money Back After Life Insurance Fraud?
If you are the victim of life insurance fraud, it may be possible for you to recover the money that you lost. Your ability to recover compensation for your financial losses will depend upon the circumstances, including whether the insurer was licensed to sell life insurance in the State of California or whether you can prove that the fraud actually occurred.
Evans Law Firm can provide you with help determining if you can get back your lost funds and can assist you with the process of recovering the money that the fraud cost you. Our San Francisco insurance and securities fraud lawyers have taken legal action against many of the major life insurance providers and we have successfully represented many fraud victims in individual claims and class action lawsuits. You should give us a call if you want a compassionate and knowledgeable advocate on your side.
When Can You Get Your Money Back After Life Insurance Fraud
If the life insurance company you purchased your policy from was licensed but the company went bankrupt, the California Life & Health Guarantee Association helps protect you from financial loss due to the insurer’s insolvency. Policyholders whose life insurers go bankrupt get limited coverage through the Guarantee Association, but this is still an important form of protection to make sure a policyholder does not lose everything invested in a policy because the company who sold it was undercapitalized.
If the fraud occurred in connection with the marketing of the insurance policy or in connection with the terms of the insurance policy, recovering money can also be possible. Under these circumstances, to recover lost funds, fraud victims would need to pursue legal action against the insurance provider who issued the policy and/or against the insurance agent who sold the investment to the policyholder under fraudulent terms.
Legal action could be pursued against an insurer and/or against an insurance agent through an individual claim in state or possibly federal court. If an insurer or agent defrauded many victims, claims could be pursued through class action litigation or multi district litigation. Many claims can also begin in court but can settle outside of court when the defendant accepts responsibility for the fraud and a negotiated settlement agreement can be reached.
In order to be successful in pursuing a legal action and recovering compensation for fraud, victims who were defrauded by an insurer will need to prove that they relied on false statements about material facts. Victims can prove they were defrauded about the terms of an insurance policy they purchased or can demonstrate that they were provided with incorrect information about whether an investment was an appropriate and viable one given factors such as their age, life stage, and risk tolerance.
Evan’s Law can provide assistance to those who were defrauded by insurers or insurance agents. If you believe that you were the victim of life insurance fraud, reach out to our compassionate and knowledgeable San Francisco insurance and securities fraud lawyers today to find out how you can pursue a claim to get your money back for your losses.