August 20, 2014 2:01 AM ET

Insurance

Company Overview of The Lincoln National Life Insurance Company

Company Overview

The Lincoln National Life Insurance Company provides life insurance products and services. The company offers life insurance policies, annuities, financial planning instruments such as retirement savings accounts and mutual funds. The company was founded in 1905 and is based in Fort Wayne, Indiana. The Lincoln National Life Insurance Company operates as a subsidiary of Lincoln National Corporation.

1300 South Clinton Street

Fort Wayne, IN 46802

United States

Founded in 1905

Phone:

260-455-2000

Fax:

260-455-4140

Key Executives for The Lincoln National Life Insurance Company

President and Chief Executive Officer
Age: 64
Chief Financial Officer and Chief Risk Officer
Age: 51
Vice President and Director
Compensation as of Fiscal Year 2014.

The Lincoln National Life Insurance Company Key Developments

Florida Announces $12.6 Million Multi-State, Multi-Agency Life Claim Settlement Agreement with Lincoln

Florida Office of Insurance Regulation announced a $12.6 million life claim settlement agreement has been reached with Lincoln National Life Insurance Company, Lincoln Life and Annuity Company of New York and First Penn Pacific Life Insurance Company (collectively referred to as Lincoln). The settlement agreement with Lincoln and other similar insurers focuses primarily on the asymmetrical use of the Social Security Administration's Death Master File (DMF) to cease making annuity payments, but not to search for beneficiaries of a life insurance policy who may be due benefits. Lincoln has agreed to implement business reforms correcting this practice and to make a multi-million dollar payment, which will be disbursed among the participating states. Florida's allocation of the $12.6 million payment is expected to be more than $1 million.

Mid-Town Body Repair Files Class Action Complaint Against the Lincoln National Life Insurance Company

On September 24, 2013, Mid-Town Body Repair, its President, Dennis Reittinger, and Karen Reittinger, his wife, filed a class action complaint in Guilford County, North Carolina Superior Court against The Lincoln National Life Insurance Company, the successor-in-interest to Jefferson-Pilot Life Insurance Company. The lawsuit raises claims on behalf of a class of employers and employees to whom Jefferson-Pilot sold life insurance policies in connection with welfare benefit plans known as Benistar 419 Plans. Mid-Town's complaint alleges that Jefferson-Pilot promoted and sponsored Benistar 419 Plans without informing participants that the plans did not comply with Section 419A of the Internal Revenue Code but instead were illegal tax shelters. Participation in Benistar 419 Plans, according to the complaint, exposed participants like Mid-Town and the Reittingers to IRS audits and substantial tax liabilities and related penalties. On October 25, 2013, Lincoln National removed the lawsuit to the United States District Court for the Middle District of North Carolina on the grounds of diversity of citizenship. Reittinger v. The Lincoln National Life Ins. Co., No. 1:13-cv-00954 (M.D.N.C.). Lincoln National has not yet responded to the complaint, and the federal court has not yet considered whether a class should be certified.

The U.S. District Court Judges in Favor of a Life Insurer in an Action Against Lincoln National Life Insurance Company

The U.S. District Court for the District of Arizona granted summary judgment in favor of a life insurer in an action by its insured alleging breach of contract arising from the insurer's failure to provide a premium waiver based on the insured's disability by Lincoln National Life Insurance Company. The policy required the insured to make continued payments of the difference between payments to which the insured was entitled due to his disability and the premium amounts. In 1982, Lester Shoemaker obtained at least four term life insurance policies from Lincoln National Life Insurance Co. Shoemaker later decided to convert the policies to a form of permanent life insurance. In 1986, Shoemaker was issued a flexible premium adjustable life insurance contract by Lincoln. In 1987, Shoemaker was issued another such contract the 1987 policy. Unlike the 1982 policies, the 1986 and 1987 policies did not contain premium disability waivers. In 1991, Shoemaker submitted a disability claim to liberty, which liberty approved. In February 2002, the insurance charges for the policies exceeded the amount that was being added to the policies, i.e., the monthly income under certain policy riders and interest earned by the policies. In October 2004, Lincoln sent Shoemaker two letters indicating that in recent years, Lincoln had been mistakenly paying the wrong amount of monthly income to which Shoemaker was entitled under the riders. In 2011, Shoemaker sued Lincoln alleging breach of contract. Lincoln moved for summary judgment.

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