$25M
Insurance Fraud
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Case Details
John Key, along with thousands of others, purchased a variable life insurance policy from Prudential after he was told by his agent that a one-time premium was all that was needed to “pay up” the policy. About six years later Mr. Key began receiving premium due notices. Once he contacted the home office of Prudential he was told that the policy could not be “paid-up”. Prudential made in one year over $200 million dollars from the collection of premiums from the sale of these policies. The jury returned a verdict for $25 million.
Additional Notes
Key vs Prudential Insurance Co.