Wally, I would STILL want to discuss this matter with the Coomissioner of Insurance
of YOUR State. What you received is what I would call "a form letter", which
would not be good enough for me.
Cal Lester CLU



Wally wrote:
- quote -

Prudential convinced me to authorize a transfer from my Prudential
Account to Manulife based on both a sales brochure description of the
annuity and the "10 day" free look policy. I signed a document but it
surely wasn't the 50+ page contract I later received.

Why would Manulife offer a "10 day" review period if the contract was
available for review before one signs anything?

I believe it is good practice to hold finanical planning agents
accountable for verbal statements by having them put in writting what
they tell there clients. When I'm told "10 day free look" it should
mean free look!

I don't need to be berated even if I made a foolish mistake! I'm
trying to help others from making the same mistake .

Cal:
I did provide this proof all to no avail. The letter I received back
stated:

" The termination of your account was processed under the 10 Day right
to review provision in your contract. The State of Illinois, where the
contract was purchased and signed requires us to return the Contract
Value of your account minus any fees at the time we received the
request."

See my additional comments to Sgt Sauage for more information
Thanks for your reply

"Wally" <wallyxj2[at]hotmail.com> wrote in message
news:1107293014.458294.56820[at]c13g2000cwb.googlegroups.com...

- quote -

You mean:

.... Manulife cited additional provisions in the
contract, that I voluntarily signed, but failed
to either fully read and/or fully undersdand.

You don't need to be "made aware of" any clauses
or provisions in any contract. They're right there
in black and white. Read and understand them
before signing.

"Wally" <wallyxj2[at]hotmail.com> wrote in message
news:1107293014.458294.56820[at]c13g2000cwb.googlegroups.com...
- quote -

In most states, the 10 day free look period is printed on the front of the
contract, so no additional paperwork is necessary. Replacements often get 20
or 30 days to examine the contract. The clock starts ticking the day you
sign the policy delivery receipt.

In my career, I've seen less than a handful of policies free looked,
although over 25,000 policies have passed through my office doors and into
their owner's hands. In every single case, the policy owner received 100
cent dollars.

If you sent the policy via snail mail, that might be the problem, but even
if it's a day or two late, I strongly suspect that if you called the company
and made this an issue, the would refund your money. If you waited several
weeks before actually getting a postmark, then I'd side with the company, as
will most regulators. The reason why is that if the regulators don't honor
the contractual provisions as required by law, then policy holders with evil
intent would malinger at will and invest in high risk sub-accounts, only to
demand a 100% refund when they lost money.

Brent D. Gardner, ChFC
Chartered Financial Consultant
http://www.brentdgardner.com/
http://www.gardnerfinancialgroup.com/
http://www.topgunproducers.com/
http://www.creditfixinc.com/

Si vis pacem para bellum!

"Be ever questioning. Ignorance is not bliss. It is oblivion. You don't go
to heaven if you die dumb. Become better informed. Learn from other's
mistakes. You could not live long enough to make them all yourself." - Hyman
George Rickover (1900-86), Admiral, US Navy, advocated development of
nuclear subs & ships

The Chartered Life Underwriter (CLU) and Chartered Financial Consultant
(ChFC), designations owned and exclusively offered by The American College,
signify the highest standards of academic study and professional excellence
in the financial services industry. The ISP source of this post is not
monitored. If you want to email me, click on a link.

Wally wrote:
- quote -

Wally, although I am not at all familiar with the procedures used by
either Manulife or Pru/Financial, it would seem to me that IF (and that
is the key word) you can DOCUMENT the date of actual receipt, AND the
date of return to a representative of Manulife, that you should be
entitled to a complete refund.
If you CAN document those dates, I would suggest that you contact
theFlorida Insurance Commissioner with that information, and request
thier help in regaining your money.
Cal Lester CLU

Prudential Financial convinced me to invest into an annuity product
sold by Manulife Finanical. The Prudential agent told me I would have a
"10 day free look" at the contract. I sent the contract back within the
10 days and my money was returned minus $1100 for fees. I complained to
both Prudential and Manulife but they would not refund the $1100.
Prudential referred me
back to Manulife and Manulife sited additional provisions in the
contract which I was not made aware of.

Based on my experience it would be advisable for clients of financial
advisors to get written statements from their agents detailing what "10
day free look" or "10 day right to revoke" provisions actually means.
When one receives the contract for review it is already to late to
review the wording for those provisions in the contract.