State Pulls Insurance Agent’s License
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The state Department of Insurance moved Monday to revoke the license of a San Francisco insurance agent who it said sold fraudulent health insurance policies that will cost consumers millions of dollars in unpaid medical claims.
The agent, Edward Irving Price, and his associates together “collected approximately $125,000 to $150,000 per month for what amounted to worthless health insurance policies” between 1989 and 1992, the department said Monday.
The policies were written by three unlicensed, or “non-admitted,” insurance companies, the department said. Because the firms are unlicensed, the state’s insurance guarantee fund cannot cover the unpaid claims.
Department spokeswoman Elena Stern said the amount of unpaid claims could total $3 million to $6 million.
Price, 71, denied the allegations in a telephone conversation Monday. He said he believed that he was dealing with legitimate, California-licensed insurance companies, but “I got caught with people who were not honest.”
The revocation is effective July 11.
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