A South Carolina resident is suing a Lincoln Monetary subsidiary over an outdated, however newly found, life insurance coverage coverage price classification error.
Robert Stukes says Lincoln Nationwide Nationwide Life Insurance coverage Co. mistakenly categorized him as a smoker in 1987 when it transformed three older insurance policies into one new coverage.
When Stukes reported the error, in July 2021, Lincoln agreed to regulate his future premiums however refused to refund the additional premiums he had paid, in keeping with a criticism. Stukes is asking the court docket to award him compensation, punitive damages, lawyer’s charges and different reduction.
Lincoln Monetary declined to touch upon the case.
What it means: The Stukes case might have an effect on how state courts in South Carolina deal with new policyholder discoveries of errors which were baked into their premiums for a few years.
The coverage: Stukes purchased one coverage in 1970 from a life insurer that’s now a part of Lincoln. He purchased a second coverage from the corporate in 1975 and a 3rd coverage in 1977.
