Insurance Company Accused Of Ripping Off Calif. Soldiers

[Kadie]

Company Accused Of Ripping Off Calif. Soldiers
December 21, 2010 8:57 PM

SACRAMENTO (CBS13) — An insurance company was hit with a stiff penalty after being accused of taking advantage of California military servicemembers.

The California Department of Insurance said San Mateo-based Trans World Assurance offered military personnel life insurance policies which deducted money straight out of their paychecks each month.

To sweeten the deal, Trans World threw in a high return savings account where servicemembers could put away money with a good interest rate, according to state officials.

The state said 331 people from California signed on, but some were surprised to find out some of the money they saved was gone.
Trans World paid itself with their money, which is illegal, officials said.

more...
http://sacramento.cbslocal.com/2010/12/21/company-accused-of-ripping-off-calif-soldiers/