Date: August 06, 2012 Category: Customer Dispute Allegations: CLIENT ALLEGE REPRESENTATIVE INCORRECTLY TRANSFERRED QUALIFIED FUNDS WHICH RESULTED IN TAX CONSEQUENSE OF $130K. SHE ALSO ALLEGED REP LOST $182K IN 1035 EXCHANGE FOR ANOTHER PRODUCT. Damage Amount Requested: $312,000.00 Broker Comment: THE TAX CONSEQUENCE ISSUE IS STILL UNRESOLVED AND THE CLIENT MAY NOT HAVE ANY LOSSES FROM THE IRS. THE CLIENT IS CONFUSING THE LIVING BENEFIT, A RIDER, WITH THE ACTUAL ACCOUNT VALUE. THE CLIENT WAS FULLY AWARE THAT SHE WAS EXCHANGING THE VALUE OF THE LIVING BENEFIT RIDER FOR THE NEW NURSING CARE RIDER AND MONTHLY ACCOUNT VALUE LOCK IN FEATURES IN THE NEW CONTRACT. THESE RIDERS REPRESENTED CONSIDERABLE IMPROVEMENTS COMPARED TO HER OLD CONTRACT AND WERE DESIRED BY THE CLIENT. SHE SIGNED MEETING MINUTES CONFIRMING THIS. THE ACCOUNT HAS NOT LOST ANY VALUE AND ONLY EXCHANGED HYPOTHETICAL VALUES FROM DIFFERENT RIDERS.
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