Michael A. Taylor, a Vancouver insurance agent with Farmers Insurance, was fined $1,000 by the Washington State Office of the Insurance Commissioner for selling a consumer a life insurance policy and misrepresenting the terms of the policy.
The consumer reported that Taylor said if he canceled the policy within two years of obtaining it, Farmers would refund the premium payments along with 10 percent interest.
The consumer requested to cancel the policy, but was told he would only get back his last two premium payments, totaling $1,328. The consumer expected to get back almost $5,700 in premium payments plus 10 percent interest.
