MetLife Must Defend Lawsuit Over Retained Asset Checkbook
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MetLife Inc., the largest U.S. life insurer, must defend a lawsuit by the beneficiary of a policy who claimed the insurer paid $302,000 to the wrong person.
The suit was filed by Jose Herrera, who lived with his wife, Maria Diaz, until she died in 2006. Diaz had been covered by a U.S. program under which MetLife provided insurance to federal employees. When Diaz died, MetLife paid proceeds of her policy into a so-called retained asset account, in which MetLife kept custody of funds while issuing a checkbook to the beneficiary.