About 5 months ago I had a policy lapse with a Gi carrier. Client paid like 7 premium payments. I noticed instead of Lapsing it went to reduced paid up. I called the carrier a few months ago and asked how much the reduced paid up was and how could that be. The said it was for $2 has it had a few $'s cash value. They asked me if I wanted to cancel it and I said no.At the time I asked if the client dies will I get a charge back as it hasn't officially lapsed and they said yes. Low and behold I saw were the beneficiary filed a death claim. Lol the bene must have thought they get the full payout.
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