Facts

Siu Yee entered into a contract with American Life and Casualty Insurance Co. for the purchase of a single premium deferred annuity. She funded the annuity with a single payment in 1988. Conseco Insurance Company became the successors-in-interest to American Life and acquired all of its obligations with respect to the annuity contract.

The Compliance Department with Conseco informed Yee that it could not find any information regarding her annuity contract and that the retention period for terminated, surrendered, or transferred contracts was seven years. Yee filed suit alleging that Conseco breached the contract by improperly determining that her annuity contract was terminated, surrendered or transferred and for failing and refusing to honor her annuity contract.

Damages

Yee sought the present value of the annuity.

Result

The jury found in favor of Yee in finding that the contract was not cancelled, surrendered, cashed out, or transferred by Yee. The jury awarded her $187,187 in damages, representing her original payment plus interest accrued since 1988 on the annuity.