Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this does not resolve my complaint. For your reference, details of the offer I reviewed appear below.
[To assist us in bringing this matter to a close, we would like to know your view on the matter.]
Regards,
[redacted]
[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it. If you and the business have reached an agreement and compliance is set for a future date, we trust the business will comply. Please contact us after that time if the matter is not resolved as agreed and we will review the complaint and proceed accordingly.]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.
Regards,
[redacted]
See attached response. Thank you for the extension.Ohio National One Financial WayFinancial Services Cincinnati, OH 45242 Post Office Box 237 Cincinnati, OH 45201-0237 November 2, 2017[redacted] Marketplace Resource Consultant [redacted]@cincinnati.Revdex.com.org Re: [redacted] Policy Number: [redacted]Dear [redacted]: Thank you for the opportunity to respond to this follow-up inquiry from [redacted]. We understand that [redacted] has additional questions concerning transactions appearing on her bank statement. Specifically, why a quarterly planned premium payment was converted to an electronic transaction but the remaining grace period payment reflected cashed on her bank statement. The answer to her question can also be found on page two of her billing notices under the Check Conversion section. By remitting a premium payment by personal check, [redacted] authorized Ohio National to convert the check into an Electronic Funds Transfer (EFT) through the Automated Clearing House, and to make a one-time debit against her account for the amount of the check. The planned periodic premium payment of $200.00 was sent through our Automated Clearing House and the check was converted into an EFT transaction. This is why the $200.00 payment shows on her bank statement as an electronic transaction. If the check conversion to EFT cannot be processed automatically, such as applying a payment to bring a policy out of the Grace Period, we will deposit the check, and it will be presented for payment at the payee's bank or financial institution. [redacted]'s payment for $724.83 was to bring the policy out of the Grace Period and was not processed through our Automated Clearing House. Instead the check was manually processed and presented to her bank for payment. This is why the $724.83 payment shows on her bank statement as cashed.Sincerely,*oseph *. F[redacted] Assistant Counsel J*F: mamCC: Lance W[redacted]The Ohio National Life Insurance Company Ohio National life Assurance Corporation
The Ohio Department of Insurance is now handling this complaint. See attached response send to them.Ohio National One Financial WayFinancial Services Cincinnati, OH 45242 Post Office Box 237 Cincinnati, OH 45201 0237 Telephone: 513.794.6100VILA E-MAIL: [redacted] December 1, 2017[redacted], ACSAnalyst, Life and Health Unit Consumer Services Division Re: Complainant: [redacted] Policyowner/Insured: [redacted] Insurance Department File: [redacted] Company: Ohio National Life Assurance Corporation Consumer Services File Number: [redacted] NAIC Number: [redacted] Responder: Joseph *. F[redacted] Fax Number: [redacted] Policy Number: [redacted]Dear [redacted]:Thank you for the opportunity to respond to this complaint. This is essentially the same complaint that [redacted] had previously filed on behalf of her husband with the Cincinnati Chapter of the Revdex.com.We cannot explain any more clearly the reason why this policy has lapsed than we did in our letter dated October 25, 2017 (copy enclosed).Without repeating verbatim the text of the letter, the policy was placed in grace period status (and later lapsed) due to the fact that cash values that had been used to subsidize premium payments for many years had decreased to less than $1,000.This depletion triggered the automatic increase in the cost of insurance as required under the terms for the policy (copy enclosed). It appears that the [redacted] cannot afford the increased premium. Thus, the policy lapsed effective November 29, 2017.[redacted], ACS Page Two December 1, 2017If the [redacted] have an interest in reinstating the policy, I urge them to contact Lance W[redacted], Customer Services Manager, at [redacted] for further information.Sincerely,*oseph *. F[redacted] Assistant CounselJ*F: mamEnclosures[redacted]
See attached response. Thank you for the extension.Ohio National Financial ServicesOne Financial WayCincinnati, OH 45242Post Office Box 237Cincinnati, OH 45201-0237October 25, 2017[redacted] Marketplace Resource Consultant [redacted]@cincinnati.Revdex.com.org Re: [redacted] Policy Number:...
[redacted]Dear [redacted] [redacted]:Thank you for the opportunity to respond to the complaint submitted by [redacted] on behalf of her husband, [redacted]. At Ohio National Financial Services, we value our relationships with policyholders and their beneficiaries.We understand that [redacted] is unclear why her premium payment seemed to increase over what she and her husband had been paying for insurance. The policy purchased by [redacted] allows for the use of the policy's accumulated cash value to subsidize any premium payments due. So long as the cash value of the policy remained greater than $1,000, [redacted] was able to minimize the actual cost of insurance.However, after using cash values to subsidize premium payments over much of the life of the policy, the cash value has fallen below the $1,000 minimum. Once the cash value of the policy falls below $1,000, the actual cost of insurance automatically increases. Therefore, the policyholder is required to pay a higher cost of the insurance each quarter in order to keep the policy in force.We value our relationship with [redacted] and his wife. We hope this provides a reasonable explanation of why the quarterly premium has increased. Because the policy has now reached "Grace Period' status due to the depletion of cash value, we respectfully urge the [redacted] to contact Lance W[redacted], Policyholder Services Manager, at [redacted] to discuss options and answer any additional questions. He will try to contact the policyowner directly and will be happy to walk through the policy in detail.Sincerely, Joseph ** F[redacted]Assistant CounselJ*F[redacted]CC: Lance W[redacted]The Ohio National Life Insurance Company Ohio National Life Asurance Corporation
I was told to let you know if there was anything new as far as my complaint. I *ust received our bank statement and noticed that the $200.00 quarterly payment we sent to the company was converted to electronic transaction. However the check for $724.83 they said we had to pay or lose everything was not converted. It was simply cashed. Thank you. Sincerely, [redacted] (wife of [redacted])
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this does not resolve my complaint. For your reference, details of the offer I reviewed appear below.
[To assist us in bringing this matter to a close, we would like to know your view on the matter.]
Regards,
[redacted]
[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it. If you and the business have reached an agreement and compliance is set for a future date, we trust the business will comply. Please contact us after that time if the matter is not resolved as agreed and we will review the complaint and proceed accordingly.]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.
Regards,
[redacted]
See attached response. Thank you for the extension.Ohio National One Financial WayFinancial Services Cincinnati, OH 45242 Post Office Box 237 Cincinnati, OH 45201-0237 November 2, 2017[redacted] Marketplace Resource Consultant [redacted]@cincinnati.Revdex.com.org Re: [redacted] Policy Number: [redacted]Dear [redacted]: Thank you for the opportunity to respond to this follow-up inquiry from [redacted]. We understand that [redacted] has additional questions concerning transactions appearing on her bank statement. Specifically, why a quarterly planned premium payment was converted to an electronic transaction but the remaining grace period payment reflected cashed on her bank statement. The answer to her question can also be found on page two of her billing notices under the Check Conversion section. By remitting a premium payment by personal check, [redacted] authorized Ohio National to convert the check into an Electronic Funds Transfer (EFT) through the Automated Clearing House, and to make a one-time debit against her account for the amount of the check. The planned periodic premium payment of $200.00 was sent through our Automated Clearing House and the check was converted into an EFT transaction. This is why the $200.00 payment shows on her bank statement as an electronic transaction. If the check conversion to EFT cannot be processed automatically, such as applying a payment to bring a policy out of the Grace Period, we will deposit the check, and it will be presented for payment at the payee's bank or financial institution. [redacted]'s payment for $724.83 was to bring the policy out of the Grace Period and was not processed through our Automated Clearing House. Instead the check was manually processed and presented to her bank for payment. This is why the $724.83 payment shows on her bank statement as cashed.Sincerely,*oseph *. F[redacted] Assistant Counsel J*F: mamCC: Lance W[redacted]The Ohio National Life Insurance Company Ohio National life Assurance Corporation
The Ohio Department of Insurance is now handling this complaint. See attached response send to them.Ohio National One Financial WayFinancial Services Cincinnati, OH 45242 Post Office Box 237 Cincinnati, OH 45201 0237 Telephone: 513.794.6100VILA E-MAIL: [redacted] December 1, 2017[redacted], ACSAnalyst, Life and Health Unit Consumer Services Division Re: Complainant: [redacted] Policyowner/Insured: [redacted] Insurance Department File: [redacted] Company: Ohio National Life Assurance Corporation Consumer Services File Number: [redacted] NAIC Number: [redacted] Responder: Joseph *. F[redacted] Fax Number: [redacted] Policy Number: [redacted]Dear [redacted]:Thank you for the opportunity to respond to this complaint. This is essentially the same complaint that [redacted] had previously filed on behalf of her husband with the Cincinnati Chapter of the Revdex.com.We cannot explain any more clearly the reason why this policy has lapsed than we did in our letter dated October 25, 2017 (copy enclosed).Without repeating verbatim the text of the letter, the policy was placed in grace period status (and later lapsed) due to the fact that cash values that had been used to subsidize premium payments for many years had decreased to less than $1,000.This depletion triggered the automatic increase in the cost of insurance as required under the terms for the policy (copy enclosed). It appears that the [redacted] cannot afford the increased premium. Thus, the policy lapsed effective November 29, 2017.[redacted], ACS Page Two December 1, 2017If the [redacted] have an interest in reinstating the policy, I urge them to contact Lance W[redacted], Customer Services Manager, at [redacted] for further information.Sincerely,*oseph *. F[redacted] Assistant CounselJ*F: mamEnclosures[redacted]
See attached response. Thank you for the extension.Ohio National Financial ServicesOne Financial WayCincinnati, OH 45242Post Office Box 237Cincinnati, OH 45201-0237October 25, 2017[redacted] Marketplace Resource Consultant [redacted]@cincinnati.Revdex.com.org Re: [redacted] Policy Number:...
[redacted]Dear [redacted] [redacted]:Thank you for the opportunity to respond to the complaint submitted by [redacted] on behalf of her husband, [redacted]. At Ohio National Financial Services, we value our relationships with policyholders and their beneficiaries.We understand that [redacted] is unclear why her premium payment seemed to increase over what she and her husband had been paying for insurance. The policy purchased by [redacted] allows for the use of the policy's accumulated cash value to subsidize any premium payments due. So long as the cash value of the policy remained greater than $1,000, [redacted] was able to minimize the actual cost of insurance.However, after using cash values to subsidize premium payments over much of the life of the policy, the cash value has fallen below the $1,000 minimum. Once the cash value of the policy falls below $1,000, the actual cost of insurance automatically increases. Therefore, the policyholder is required to pay a higher cost of the insurance each quarter in order to keep the policy in force.We value our relationship with [redacted] and his wife. We hope this provides a reasonable explanation of why the quarterly premium has increased. Because the policy has now reached "Grace Period' status due to the depletion of cash value, we respectfully urge the [redacted] to contact Lance W[redacted], Policyholder Services Manager, at [redacted] to discuss options and answer any additional questions. He will try to contact the policyowner directly and will be happy to walk through the policy in detail.Sincerely, Joseph ** F[redacted]Assistant CounselJ*F[redacted]CC: Lance W[redacted]The Ohio National Life Insurance Company Ohio National Life Asurance Corporation
I was told to let you know if there was anything new as far as my complaint. I *ust received our bank statement and noticed that the $200.00 quarterly payment we sent to the company was converted to electronic transaction. However the check for $724.83 they said we had to pay or lose everything was not converted. It was simply cashed. Thank you. Sincerely, [redacted] (wife of [redacted])