Couple claim insurance payout too small, demand accounts
A married couple yesterday claimed that two insurance companies had failed to pay them the full value of their policies taken out in 1987.
Peter and Madeleine Vella De Fremeaux filed a judicial protest calling on Eagle Star (Malta) Ltd and Eagle Star Insurance Co. Ltd to render the accounts of the investments they had made in respect of their insurance policies.
They told the court that they had taken out two insurance policies which matured on September 22, 2007. The insurance companies then issued two cheques for €68,308.69. But the couple protested that the money did not reflect the values of their two policies and indicated an investment strategy that was lacking and smelt of abusive action.
On October 17, the Vella De Fremeauxs informed the insurance companies that they would cash the two cheques without prejudice to the balances they claimed were due to them.
In yesterday's judicial protest the couple called upon the two companies to pay them the interest due on the sums with effect from the date the policies had matured. They also called on them to render accounts of the investments made since 1987 in order to calculate the real value of the policies and to pay them the sum which truly reflected their full value at maturity.
Lawyer Adrian Delia signed the protest.
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Muscat.Pat
Dec 14th 2008, 09:42
Unfortunately, I also had an insurance scheme which I had to surrender recently.
The whole"investiment" was a "PONZI" scheme. I got what I gave them over a 20 years period less interest, less inflation less all the alphas and betas that these "experts" put into the equation to chew at my monies!
John Falzon
Dec 13th 2008, 12:23
Interesting this.. Some years ago I had asked for a surrender value on my policy and got a low figure which I queried. Lo and behold, the figure was suddenly updated to a higher amount.
I don't know if the situation is the same for all insurers, but Eagle Star had informed me at the time that the workings for a surrender value cannot be divulged. Can anyone advise whether this is in line with the law ?
If any Government bigwig happens to be reading this, please note that these are the true issues that interest the people and not, as Government likes to think, the outcome of some meeting held at Brussels which usually only results in more tightening of the noose around our neck - as is the case with the environment and the energy saving bulbs.
lgalea
Dec 13th 2008, 10:18
Good luck.
If more people start acting when they feel they are not being given what is rightfully theirs, then the sharks will start thinking about taking people for a ride.