Victims decry payments to priest STOCKTON, Calif. - A defrocked priest who admitted molesting at least 25 children is due to begin receiving monthly payments from an annuity purchased by the Stockton Diocese when he turns 65 on Saturday.
Marital settlement agreements are sacrosanct even if a true trial would likely turn the tables on the outcome. The Western District Court of Appeals reversed and remanded a marital spat saying that Katherine Michelle Theresa Franken was due half an annuity, valued by her Jefferson City attorney, Samuel Trapp, at approximately $400,000, even though it really should be considered non-martial property because the husband agreed to share in the original dissolution proceedings.
Rating actions in 2009 were overwhelmingly negative for the life/health industry, with 69 total downgrades versus nine upgrades based upon rating units. As in past years, the life/annuity sector had far worse experience than the health sector in terms of rating activity. Due to the uncertain direction of the economy, A.M. Best is maintaining its negative rating outlook on the life/annuity and health insurance sectors. Weakened capitalization was the primary factor in the life/annuity downgrades. Heightened balance sheet risk from investment losses or elevated investment risk also were behind many of the downgrades. The few positive life/annuity rating upgrades were driven by improved capitalization and factors such as change in ownership or parental support.
If you have an insurance license and have inquired about annuities from any marketing organizations, you have, no doubt, been deluged with annuity marketing methods. It is easy to get caught up by the "idea of the week" from various marketing organizations. Beware, not everything you see or hear is valid. Because there are numerous annuity prospecting programs, proper due diligence is essential. The methods that have been most successful with consistent results are: seminars, referrals, direct mail, and drip mail, including newsletters, both print and electronic. Prospecting procedures will also include other steps: 1. initial contact, 2. no appointment/no sale follow-up prospecting, and 3. cross-selling other products.
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