Transamerica Life Insurance Company v. Caramadre et al

Filing 1

COMPLAINT against all defendants ( Filing fee $ 350.00; Receipt number 14670001993), filed by Transamerica Life Insurance Company. (Attachments: #1 Civil Cover Sheet, #2 Exhibit A: Program Specifics, #3 Exhibit C: Affidavit of Patrick Garvey, #4 Exhibit D: Annuity Application, #5 Exhibit F: Rescission Letter) -- NOTE: Exhibits B and E docketed separately. (Duhamel, John)

Transamerica Life Insurance Company v. Caramadre et al

Doc. 1 Att. 5

Trans:lInerica Li fe Insurance C n r n p a n y · n : H Ed~ew'Kxl Road NE C e d a r Rapids. Iowa : i 2 N 9

September 23,2009

Ms. Estella Rodrigues 330 Sowams Road Barrington, RI 02806 Re: Rescission o f Annuity Policy Number 07-1 00519LK8 Dear Ms. Rodrigues: We write in connection with Annuity Policy Number 07-100519LK8 (Annuity), issued by Transamerica l i f e Insurance Company ("Transamerica"). The Annuity issued in the name o f Mr. Patrick Garvey as the annuitant and Ms. Estella Rodrigues as the owner/beneficiary. I t recently has come to o u r attention that the Annuity was issued based on material misrepresentations and omissions contained in the application. Transamerica received the application in March 2008. Mr. Garvey's signature on the application is a representation that he knowingly and voluntarily signed the document with full understanding of all rights, duties and obligations under the Annuity. W e h a v e recently spoken with Mr. Garvey and he denies having any such knowledge o r understanding. Rather, he states that he was paid to . ~~tion under the belief that the document he was signing related to a program designed to provide financial assistance to ~ividuals. Moreover, Mr. Garvey h a s no knowledge that h e has been designated an annuitant under the contract. The applicati Garvey wa knowledge t a t the time the application was submitted, Mr. The application was submitted with the erica.

Transamerica also has learned that the owner and beneficiary of the Annuity, Ms. Rodrigues, had no relationship with Mr. Garvey and lacked an insurable interest in him. The Annuity therefore is void for lack of an insurable interest. Moreover, Mr. Garvey n o w infonns us that he signed the application because he was paid to do so. The payment of money to Mr. Garvey to sign the application constitutes a violation o f A.1. Gen. Laws § 26-4-6 a n d was a material fact that was concealed from T ransamerica. We also have learned that the authorized broker/agent who signed the application had no substantive involvement in the sale o f this Annuity. The misrepresentations and omissions described herein were material to Transamerica's decision to issue the Annuity a n d actually contributed to the contingency o r event upon which the death benefits under the Annuity are to become due and payable. Transamerica would not have issued the Annuity under the tenns it did and assumed the risk o r hazard of such a transaction if the application prOVided complete and truthful infonnation. Theretore, Transamerica has detennined that the Annuity m u s t be -rescinded. Enclosed please find a check for $290,000.00, which represents the premiums paid f o r the Annuity. Depositing o r cashing this check constitutes your agreement that the Annuity is void and rescinded and is regarded as having never been in force. Transamerica reserves all other grounds f o r rescission and all other rights o r remedies that are o r m a y b e available to it as a result of the issuance and rescission of the Annuity. Respectfully,
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Scott B. Manchester Senior Attorney CC: Patrick Garvey; Edward Maggiacomo, Jr.; Lifemark Securities Corp .

.\Iemb.:r o f [he ~ - - Group

.... EGON.

Dockets.Justia.com

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TRANSAMERICA L I F E INSURANCE COMPANY
P.O. BOX 1 4 4 7

CHECK NO.
BNY [~ELLr;N ' f R U S T 0 F DELAWARE NEWARK, GELAWARE 1 3 7 1 1

04955694
62-35 311

4333 EDGEWOOD ROAD NE
CEDAR R A P I D S , IA 52499 AN

DA TE
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EXACTlY

0 9- 22- 2 0 0 9
MM DO YYYY

TWO HUNDRED NINETY THOUSAND DOLLARS AND NO CENTS
TRANSAMERICA
TO !HE
~IFE

$ ****290,000.00
INSURANCE CO.

Ct10ER
OF

ESTELA RODRIGUES 3 3 0 SOWANS ROAD BARRINGTON R I 0 2 8 0 6
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BY:

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""uIHORIZEVEPRESENTATIVE

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TRANSAMERICA L I F E INSURANCE COMPANY

092120U9

100519LK8 FULL SURRENDER

290000.00

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DATE

VENDOR N O .

V E N D O R NAME

' : H E C K AMOUNT

04955694

09222009

ADD0109747

ESTELA RODRIGUES

290000.00

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