Steven Draeger v. Transamerica Life Insurance Company

CourtDistrict Court, C.D. California
DecidedMarch 23, 2020
Docket2:19-cv-10478
StatusUnknown

This text of Steven Draeger v. Transamerica Life Insurance Company (Steven Draeger v. Transamerica Life Insurance Company) is published on Counsel Stack Legal Research, covering District Court, C.D. California primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Steven Draeger v. Transamerica Life Insurance Company, (C.D. Cal. 2020).

Opinion

UNITED STATES DISTRICT COURT CENTRAL DISTRICT OF CALIFORNIA CIVIL MINUTES —- GENERAL ‘

Present: The Honorable CHRISTINA A. SNYDER Catherine Jeang Not Present N/A Deputy Clerk Court Reporter / Recorder Tape No. Attorneys Present for Plaintiffs: Attorneys Present for Defendants: Not Present Not Present Proceedings: (IN CHAMBERS) - DEFENDANT’S MOTION TO DISMISS (Dkt. | 16 ], filed January 15, 2020) I. INTRODUCTION AND BACKGROUND Plaintiffs Steven Draeger and Dara Draeger (“plaintiffs”) filed this action against defendant Transamerica Life Insurance Company (“Transamerica”) in the Superior Court of the State of California for the County of Los Angeles on July 19, 2019. Dkt. 1. Plaintiffs subsequently filed a first amended complaint on November 12, 2019. Dkt. 1-1, Exhibit J (“FAC”). On December 11, 2019, Transamerica removed this action to the United States District Court for the Central District of California. Dkt. 1. Plaintiffs allege that on January 23, 2003, Transamerica’s predecessor issued a universal life insurance policy (“the Policy”), with a face amount of $1,500,000.00, on behalf of insured Clarice M. Lacey (“Lacey”). FAC § 6. In February 2006, plaintiffs “purchased the Policy from its then-owner for approximately $430,000.00.” Id. 4 7. According to plaintiffs, “Transamerica changed the registered Policy ownership to [ plaintiffs’ | names in [ April 2006] and [Transamerica] changed the beneficiary designation at that time as well.” Id. Plaintiffs further contend that at the time they acquired the Policy, plaintiffs “received in-force Policy illustrations showing the expected premium required under the contract for the life expectancy of the insured, and relied on those illustrations in purchasing the Policy.” Id. Despite this representation at the time plaintiffs acquired the policy, Transamerica subsequently provided in-force illustrations projecting that plaintiffs would have to pay increased annual premiums to keep the Policy in effect. Id. 4] 7, 12. Plaintiffs contend that on July, 2016, “Transamerica mailed a notice of monthly deduction rate increase for the [P]olicy . . . stating, “starting on your next policy anniversary date, your monthly deduction rates will increase by approximately 100%. This rate increase 1s in addition to the customary increases that are associated with age.’” FAC 4 11.

UNITED STATES DISTRICT COURT CENTRAL DISTRICT OF CALIFORNIA CIVIL MINUTES —- GENERAL ‘

UNITED STATES DISTRICT COURT CENTRAL DISTRICT OF CALIFORNIA CIVIL MINUTES —- GENERAL ‘Federal Rule of Civil Procedure

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Steven Draeger v. Transamerica Life Insurance Company, Counsel Stack Legal Research, https://law.counselstack.com/opinion/steven-draeger-v-transamerica-life-insurance-company-cacd-2020.