Former Senator Sues Conseco for Alleged Insurance Fraud

Former Senator Sues Conseco for Alleged Insurance Fraud

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(Indianapolis-AP) -- A former Utah senator is suing Conseco, claiming insurance fraud.

Former U-S Senator Jake Garn has filed a class-action lawsuit against Conseco's life insurance division.

The lawsuit alleges that Conseco Life forced clients to pay dramatically higher premiums on certain universal life policies or surrender them for cash value to bolster its parent company's troubled finances.

Conseco officials deny the allegations and say benefits under the policies never were guaranteed.

The lawsuit applies to Lifetime and Lifestyle universal life policies that were sold by hundreds of independent agents in the 1980s and 1990s.

Garn's lawsuit does not specify damages, but asks the judge to impound Conseco Life's profits from the policies or freeze its assets.

Garn bought three of the policies worth a total of 350-thousand in 1991 and 1992.

(Copyright 2004 by The Associated Press. All Rights Reserved.)

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