Sarkis Minasyan steals from lenders. Insurance companies are also his victims.
His fraud is clever. He tells people he will give them "free" life insurance. His clients fill out the documents to purchase the insurance. Mr. Minasyan borrows the money from us, the lenders, to make the first year premium payment to the carrier. The insurance carrier issues the policy and pays a commission that exceeds the first year premium to Mr. Minasyan.
The insurance company is a victim because when they issue the policy, they expect the insured will continue to make the annual payments. But no second year premiums are ever paid. This means that after one to two years, the policy is allowed to lapse. Mr. Minasyan’s client did in fact get "free" life insurance. If the client died unexpectedly in that first year or two, the carrier would have been obligated to pay the death benefit.
Sarkis Minasyan borrowed over $47,000 from us in February 2014 to pay the first year premium on three life insurance policies. The terms of the loan were 30 days. Mr. Minasyan received insurance commissions and instead of paying off our loan and keeping the override as his profit, he stole the money.
Currently, Sarkis Minasyan owes us over $47,803 plus interest.
Sarkis Minasyan Reviews
Sarkis Minasyan steals from lenders. Insurance companies are also his victims.
His fraud is clever. He tells people he will give them "free" life insurance. His clients fill out the documents to purchase the insurance. Mr. Minasyan borrows the money from us, the lenders, to make the first year premium payment to the carrier. The insurance carrier issues the policy and pays a commission that exceeds the first year premium to Mr. Minasyan.
The insurance company is a victim because when they issue the policy, they expect the insured will continue to make the annual payments. But no second year premiums are ever paid. This means that after one to two years, the policy is allowed to lapse. Mr. Minasyan’s client did in fact get "free" life insurance. If the client died unexpectedly in that first year or two, the carrier would have been obligated to pay the death benefit.
Sarkis Minasyan borrowed over $47,000 from us in February 2014 to pay the first year premium on three life insurance policies. The terms of the loan were 30 days. Mr. Minasyan received insurance commissions and instead of paying off our loan and keeping the override as his profit, he stole the money.
Currently, Sarkis Minasyan owes us over $47,803 plus interest.