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December 21, 2011

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Misled insurance buyer wins his money back

A local insurance company was ordered to return more than 70,000 yuan (US$11,030) to a client who was tricked into buying life insurance with a false promise of receiving complimentary IPO shares of the company, the Pudong New Area People's Court said yesterday.

The plaintiff, surnamed Wang, said he bought a life insurance policy from a Shanghai-based firm through an agency in Zhenjiang, Jiangsu Province, in September 2008.

Wang, in his 30s, was persuaded to buy the policy after a sales agent, surnamed Zhang, told him that clients who paid the first installment would be given the agency's initial public offering shares valued at more than 100,000 yuan. The salesman also said the agency was expected to go public in the United States in January 2009 and convinced Wang that he could earn more than 30,000 yuan profit by selling the initial shares.

The agency did not come through on giving Wang the stock before it suddenly went out of business.

Wang sued the insurance company, asking the court to cease the insurance contract while demanding back his 70,030 yuan in fees.

The insurance company said in court that it had never lied to Wang to lure him into buying its insurance, pinning the blame firmly on the Jiangsu agency. The court ruled for Wang, saying he was misled by the agency and that the insurance company must return all of Wang's fees.


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