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Investors
Heritage Assumes Franklin American Preneed Business
Frankfort, KY, June 1, 2000: On May 26,
2000 Investors Heritage Life Insurance Company entered into a Reinsurance
Agreement with the Liquidator of Franklin American Life Insurance Company,
the National Organization of Life and Health Insurance Guaranty Associations,
and participating state life and health insurance guaranty
associations. Under this agreement, Investors Heritage has assumed the
Covered Obligations of the responsible state life and health guaranty
associations and related Excess Obligations under the policies issued by
Franklin American Life Insurance Company. The reinsurance agreement s
subject to the approval of the Chancery Court of the State of Tennessee and
various state Departments of Insurance. Prior to Court and regulatory
approval, Investors Heritage will provide all administrative services for the
Franklin American Business, including policyholder service, premium billing
and collection and claims processing. Administration by Investors
Heritage began on June 1, 2000.
Harry Lee Waterfield II, Chairman and Chief
Executive Officer stated, "All of us associated with Investors Heritage
are pleased to be the successful bidder to assume the responsibility for the
policies involved. We look forward to providing excellent service to
our new clients."
Investors Heritage Life Insurance Company,
founded in 1960, is licensed in 28 states. Investors Heritage has been
active in the funeral home and Final Expense market for 25 years and in the
Preneed market for over 12 years.
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