Broker Who Offered Discounts Sues 3 Insurers:...
From Times Staff and Wire Reports
Broker Who Offered Discounts Sues 3 Insurers: An independent insurance broker in Northbrook, Ill., a suburb of Chicago, filed suit against Metropolitan Life Insurance Co., Prudential Life Insurance Co. and Transamerica Occidental Life Insurance Co., charging that the three companies canceled his agreements to sell their life and other insurance policies because he advertised, offered and sold policies at a discount. The suit seeks reinstatement of Rick K. Nelson’s right to sell the companies’ policies as well as compensatory damages to be set by the court and punitive damages of $10 million against each company.
