Payback:

Nov. 29, 2006

Audio of this article is brought to you by the Air & Space Forces Association, honoring and supporting our Airmen, Guardians, and their families. Find out more at afa.org

The Texas Department of Insurance led the charge to get multi-state settlement agreements from four insurance companies to refund more than $70 million to some 93,000 consumers, including about 71,000 servicemembers, according to a Pentagon news release. The companies are American-Amicable Life Insurance, Pioneer American Insurance, and Pioneer Security Life Insurance—all based in Waco, Tex.—and Boston Mutual Life Insurance. All four companies apparently misled low-ranking servicemembers into thinking they were buying investment products that were instead expensive term-life policies.

Audio of this article is brought to you by the Air & Space Forces Association, honoring and supporting our Airmen, Guardians, and their families. Find out more at afa.org

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