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I-Team: Credit Insurance

Updated: Saturday, August 3, 2013 |
I-Team: Credit Insurance story image
(NEWSCHANNEL 3) - The reason we buy insurance is so it will be there when we need it.

However, hundreds of customers of a local bank are finding coverage they purchased is about to be cut off, with little explanation.

This particular insurance is called credit insurance coverage, purchased so that if anything happens to you, your loan still gets paid off.

What happens, though, if you the insurance company doesn't want to stick around to make good on the agreement?

For one customer we spoke to, the news came out of nowhere.

The insurance he took out as part of a home equity loan from Citizens Bank was being cut off.

"Basically, they took away my safeguard," he said. "I don't plan on dying, but I just want the assurance if I do, the house is paid off."

The insurance would have paid off the loan if anything happened to him, and he's been paying into the coverage for the last seven years.

Citizens Bank, where Dennis bought the coverage, said it was pulled because the insurance company behind it, Monumental Life, would no longer provide the coverage.

The bank said it has affected about 200 customers.

According to the State Office of Financial Services and Insurance, "the insurance code does not prohibit companies from terminating a group credidt insurance policy as long as give 30 days notice."

The rules are different for other types of insurance, but spokesperson Jason Moon said Monumental Life followed the requirements.

While it may be legal, it's left customers uncertain.

Monumental Life said in a statement today, it sometimes makes changes in its agreement with certain banks, but the letters Citizens customers received aren't an indication of any widespread changes within the company.

The customer we spoke to also told us that he just receved a call from Monumental offering to go ahead and extend his insurance through the end of his original agreement.
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Last Update on December 19, 2014 08:36 GMT

ECONOMY-THE DAY AHEAD

WASHINGTON (AP) -- The Labor Department will report on November's state unemployment rates this morning.

In October, unemployment rates fell in 34 U.S. states, a sign that steady hiring this year has been broadly dispersed throughout most of the country.

FINANCIAL RISK-METLIFE

WASHINGTON (AP) -- Major insurer MetLife Inc. says U.S. regulators have labeled it as a potential threat to the financial system, a designation that brings stricter government oversight.

MetLife said Thursday that the Financial Stability Oversight Council has designated the company as "systemically important." As a result, MetLife must increase its cushion of capital against losses, limit its use of borrowed money and submit to inspections by examiners. MetLife will come under the supervision of the Federal Reserve. Its primary regulator now is New York state.

In a statement, New York-based MetLife said it is "disappointed" in the decision and has given the regulators evidence showing it is not systemically important.

MetLife was the third nonbank financial firm to be given the label by the council, a group of top regulators.

ALLY FINANCIAL-GOVERNMENT EXIT

WASHINGTON (AP) -- The government is selling the last of its shares in Ally Financial Inc., the former financing arm of General Motors that was bailed out during the financial crisis.

Detroit-based Ally says the Treasury Department is selling its remaining 54.9 million shares. That amounts to about an 11 percent stake in the company. At the close of trading Thursday, that would be worth about $1.25 billion.

Ally, formerly called GMAC Inc., received a $17.2 billion bailout that began in 2008. It's now a standalone auto financing company and bank.

Ally says that the government has received $18.3 billion from its investment in the company. Ally went public in April and Treasury sold a chunk of its stake then.

UBER-PORTLAND

PORTLAND, Ore. (AP) -- Uber says it's suspending operations in Portland, Oregon, for three months to work out its differences with city officials, less than two weeks after the ride-hailing app's launch was greeted with a lawsuit.

Uber general manager Brooke Steger wrote in a blog post Thursday that Portland is working to update its regulations for private for-hire transportation that would allow Uber to operate.

Mayor Charlie Hales said in a statement that a task force will make recommendations by mid-April on permits, pricing systems, insurance, and safety inspections, among other issues.

The city sued Uber three days after its Dec. 5 launch, asking a judge to order the San Francisco-based company to cease operations. The city said Thursday that it's no longer seeking a restraining order.

Uber will continue operating in the Portland suburbs.

PORT LABOR

LOS ANGELES (AP) -- West Coast dockworkers and their employers don't appear to be close to agreeing on a new contract, nearly six months after their old deal expired.

Longshoremen at 29 ports from San Diego to Seattle that handle billions of dollars of trade with Asia have continued to work without a contract.

The two sides are meeting in San Francisco.

The Pacific Maritime Association represents oceangoing shipping lines and the operators of cargo terminals at the ports that employ longshoremen. A spokesman for the association says the two sides "remain far apart on several issues."

A spokesman for the dockworkers' union says its negotiators are eagerly awaiting a reply from the association on the union's latest proposal.

UNILEVER-MAYO

ENGLEWOOD CLIFFS, N.J. (AP) -- Hellman's mayonnaise maker Unilever says that it has withdrawn its lawsuit against the maker of "Just Mayo."

Unilever had filed suit against Hampton Creek earlier this year claiming false advertising for Just Mayo, an eggless product.

Unilever argued that "Just Mayo" has no eggs and therefore doesn't meet the definition of mayonnaise. Unilever had said that the word mayo implies that the product is mayonnaise, and that Just Mayo was stealing market share from Hellman's.

Unilever said Thursday that it decided to withdraw the lawsuit so that Hampton Creek can address its label directly with industry groups and regulatory authorities.

Hampton Creek says it marketed its product as "mayo" to meet labeling regulations.

FENWAY FALL

BOSTON (AP) -- A 22-year-old woman who fell two stories down an elevator shaft at Fenway Park and was seriously injured is suing the owner of the Boston Red Sox and an elevator company.

Elisabeth Scotland of Brigantine, New Jersey, sued Wednesday in Superior Court in Boston against Fenway Sports Group and Otis Elevator Co. of Farmington, Connecticut. The suit seeks an unspecified amount in damages.

The suit says Scotland fell when a closed elevator door opened when she brushed up against it, and she suffered a traumatic brain injury, spinal injuries, facial fractures and dental damage.

A Red Sox spokesperson declined to comment on the accident, but said all Fenway Park elevators are safe and the team wishes Scotland well.

Messages were left Thursday for an Otis Elevator spokeswoman.

US-CHINA-TRADE

CHICAGO (AP) -- China is promising to streamline a regulatory process that has held up imports of pharmaceuticals and medical devices from the United States. The country also pledges to enforce its anti-monopoly laws equally among Chinese and foreign companies.

The agreements were announced Thursday at an annual trade meeting in Chicago.

Assistant Minister of Commerce Zhang Xiangchen told reporters that China would work to speed up the review and approval of U.S. products in the pharmaceutical and medical industries and address the current backlog within two to three years.

Zhang said China would also reduce what he called "needless clinical trials."

The U.S. delegation was led by Commerce Secretary Penny Pritzker and U.S. Trade Representative Michael Froman.

Pritzker said China's promises on anti-trust laws were especially "significant."

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