February 10, 2016Dear [redacted] :I write on behalf of The Penn Mutual Life insurance Company (“Penn Mutual”) in response to your letter dated January 29, 2016, that was received on February 4, 2016, addressed to our President and Chief Operating Officer, [redacted] .To begin, below is a brief timeline of the interactions between **and [redacted] with our Producer and Client Services department (PCS).According to our records on January 6, 2016, [redacted] who is the insured and policy owner for policy number [redacted] , called our Producer and Client Services number and spoke to one of our representativesAt that time, [redacted] requested a surrender form and to also have her policy removed from automatic monthly Penn Check draftAs a result of this request, the policy was immediately removed from Penn Check and the surrender form was mailed on January 11, 2016, in order for the advisor to follow up with the policy owner to discuss her request to surrender the policy.Subsequently, on January 28, 2016, our Producer and Client services received a call from [redacted] and he also requested that the policy he owned [redacted] be removed from Penn Check [redacted] stated that he had been attempting to cancel the policy for three months and that he had spoken with multiple Penn Mutual representatives who allegedly informed him that they would remove the policy from the monthly bank draft and send a surrenderformDuring this call, [redacted] was unable to verify his policy number and he stated that he would obtain the policy number and call back to request the surrender formOn January 29, 2016, [redacted] ***'s policy was removed from Penn Check[redacted] again calls Producer and Client Services (PCS) and states that she was told that no money would be drafted from her account, but the monthly draft had been drafted from her husband's policy.Upon receipt of the department's letter, Penn Mutual researched the call history for each policyThis research showed that there was one telephone call from [redacted] on January 28, Additionally, there was a call from [redacted] regarding her policy only on January 6thDuring this call there was no mention of [redacted] ***'s policy and had there been Penn Mutual would not have been able to process the request as [redacted] is not the policy owner for this policy.In summary, Penn Mutual followed its process in the handling of these policiesOur records reflect that on February 5, 2016, both policies were surrendered as requestedHowever, it light of these facts, Penn Mutual has honored [redacted] ***'s request and refunded the premium in the amount of $44.37, despite the fact that our records show that there was indeed no mishandling of these policiesThe refund was processed on February 5, 2016.If I can render any future assistance, please feel free to contact meat ###-###-####.Sincerely,Lisa GManager Compliance and Special Investigations Unit
February 10, 2016Dear [redacted]:I write on behalf of The Penn Mutual Life insurance Company (“Penn Mutual”) in response to your letter dated January 29, 2016, that was received on February 4, 2016, addressed to our President and Chief Operating Officer, [redacted].To begin, below is a brief...
timeline of the interactions between **. and [redacted] with our Producer and Client Services department (PCS).According to our records on January 6, 2016, [redacted] who is the insured and policy owner for policy number [redacted], called our Producer and Client Services number and spoke to one of our representatives. At that time, [redacted] requested a surrender form and to also have her policy removed from automatic monthly Penn Check draft. As a result of this request, the policy was immediately removed from Penn Check and the surrender form was mailed on January 11, 2016, in order for the advisor to follow up with the policy owner to discuss her request to surrender the policy.Subsequently, on January 28, 2016, our Producer and Client services received a call from [redacted] and he also requested that the policy he owned [redacted] be removed from Penn Check. [redacted] stated that he had been attempting to cancel the policy for three months and that he had spoken with multiple Penn Mutual representatives who allegedly informed him that they would remove the policy from the monthly bank draft and send a surrenderform. During this call, [redacted] was unable to verify his policy number and he stated that he would obtain the policy number and call back to request the surrender form. On January 29, 2016, [redacted]'s policy was removed from Penn Check.[redacted] again calls Producer and Client Services (PCS) and states that she was told that no money would be drafted from her account, but the monthly draft had been drafted from her husband's policy.Upon receipt of the department's letter, Penn Mutual researched the call history for each policy. This research showed that there was one telephone call from [redacted] on January 28, 2016. Additionally, there was a call from [redacted] regarding her policy only on January 6th. During this call there was no mention of [redacted]'s policy and had there been Penn Mutual would not have been able to process the request as [redacted] is not the policy owner for this policy.In summary, Penn Mutual followed its normal process in the handling of these policies. Our records reflect that on February 5, 2016, both policies were surrendered as requested. However, it light of these facts, Penn Mutual has honored [redacted]'s request and refunded the premium in the amount of $44.37, despite the fact that our records show that there was indeed no mishandling of these policies. The refund was processed on February 5, 2016.If I can render any future assistance, please feel free to contact meat ###-###-####.Sincerely,Lisa G. Manager Compliance and Special Investigations Unit
February 10, 2016Dear [redacted] :I write on behalf of The Penn Mutual Life insurance Company (“Penn Mutual”) in response to your letter dated January 29, 2016, that was received on February 4, 2016, addressed to our President and Chief Operating Officer, [redacted] .To begin, below is a brief timeline of the interactions between **and [redacted] with our Producer and Client Services department (PCS).According to our records on January 6, 2016, [redacted] who is the insured and policy owner for policy number [redacted] , called our Producer and Client Services number and spoke to one of our representativesAt that time, [redacted] requested a surrender form and to also have her policy removed from automatic monthly Penn Check draftAs a result of this request, the policy was immediately removed from Penn Check and the surrender form was mailed on January 11, 2016, in order for the advisor to follow up with the policy owner to discuss her request to surrender the policy.Subsequently, on January 28, 2016, our Producer and Client services received a call from [redacted] and he also requested that the policy he owned [redacted] be removed from Penn Check [redacted] stated that he had been attempting to cancel the policy for three months and that he had spoken with multiple Penn Mutual representatives who allegedly informed him that they would remove the policy from the monthly bank draft and send a surrenderformDuring this call, [redacted] was unable to verify his policy number and he stated that he would obtain the policy number and call back to request the surrender formOn January 29, 2016, [redacted] ***'s policy was removed from Penn Check[redacted] again calls Producer and Client Services (PCS) and states that she was told that no money would be drafted from her account, but the monthly draft had been drafted from her husband's policy.Upon receipt of the department's letter, Penn Mutual researched the call history for each policyThis research showed that there was one telephone call from [redacted] on January 28, Additionally, there was a call from [redacted] regarding her policy only on January 6thDuring this call there was no mention of [redacted] ***'s policy and had there been Penn Mutual would not have been able to process the request as [redacted] is not the policy owner for this policy.In summary, Penn Mutual followed its process in the handling of these policiesOur records reflect that on February 5, 2016, both policies were surrendered as requestedHowever, it light of these facts, Penn Mutual has honored [redacted] ***'s request and refunded the premium in the amount of $44.37, despite the fact that our records show that there was indeed no mishandling of these policiesThe refund was processed on February 5, 2016.If I can render any future assistance, please feel free to contact meat ###-###-####.Sincerely,Lisa GManager Compliance and Special Investigations Unit
February 10, 2016Dear [redacted]:I write on behalf of The Penn Mutual Life insurance Company (“Penn Mutual”) in response to your letter dated January 29, 2016, that was received on February 4, 2016, addressed to our President and Chief Operating Officer, [redacted].To begin, below is a brief...
timeline of the interactions between **. and [redacted] with our Producer and Client Services department (PCS).According to our records on January 6, 2016, [redacted] who is the insured and policy owner for policy number [redacted], called our Producer and Client Services number and spoke to one of our representatives. At that time, [redacted] requested a surrender form and to also have her policy removed from automatic monthly Penn Check draft. As a result of this request, the policy was immediately removed from Penn Check and the surrender form was mailed on January 11, 2016, in order for the advisor to follow up with the policy owner to discuss her request to surrender the policy.Subsequently, on January 28, 2016, our Producer and Client services received a call from [redacted] and he also requested that the policy he owned [redacted] be removed from Penn Check. [redacted] stated that he had been attempting to cancel the policy for three months and that he had spoken with multiple Penn Mutual representatives who allegedly informed him that they would remove the policy from the monthly bank draft and send a surrenderform. During this call, [redacted] was unable to verify his policy number and he stated that he would obtain the policy number and call back to request the surrender form. On January 29, 2016, [redacted]'s policy was removed from Penn Check.[redacted] again calls Producer and Client Services (PCS) and states that she was told that no money would be drafted from her account, but the monthly draft had been drafted from her husband's policy.Upon receipt of the department's letter, Penn Mutual researched the call history for each policy. This research showed that there was one telephone call from [redacted] on January 28, 2016. Additionally, there was a call from [redacted] regarding her policy only on January 6th. During this call there was no mention of [redacted]'s policy and had there been Penn Mutual would not have been able to process the request as [redacted] is not the policy owner for this policy.In summary, Penn Mutual followed its normal process in the handling of these policies. Our records reflect that on February 5, 2016, both policies were surrendered as requested. However, it light of these facts, Penn Mutual has honored [redacted]'s request and refunded the premium in the amount of $44.37, despite the fact that our records show that there was indeed no mishandling of these policies. The refund was processed on February 5, 2016.If I can render any future assistance, please feel free to contact meat ###-###-####.Sincerely,Lisa G. Manager Compliance and Special Investigations Unit