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An insurance agent with Farmers Insurance has been fined for misrepresenting the terms of a life insurance policy.
The Columbian reported that Vancouver, WA-based Michael A. Taylor was fined $1,000 by the Washington State Office of the Insurance Commissioner.
According to the aggrieved consumer, Taylor initially told him that if he canceled the life insurance policy within two years of obtaining it, Farmers Insurance would refund the premium payment – plus 10% interest.
When the time came for the consumer to cancel the policy, he was informed that he would only get back his previous two premium payments, totaling $1,328. The consumer was expecting to get back nearly $5,700 in premium payments, on top of the 10% interest Taylor told him about.
On Farmers Insurance’s website, Taylor’s profile said that his office is “conveniently located down the street from Barnes & Noble in Vancouver.” He offers auto, home, life, renters, business, motorcycle, recreational, and umbrella insurance.
“I help customers like you identify the insurance coverage that best fits your needs,” Taylor’s profile on the website indicated. “This process is straightforward and personalized to help make you smarter about insurance.”
