FDIC settles with AL Amerilife over product insurance - Business First of Columbus:

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Amerilife neither admitted nor denied any liability in agreeing to the issuancw ofthe order, the release said. an insurance company that nationwide markets and sellsd insurance and financial products suchas annuities, advertisedx above market-rate certificates of depositxs in 80 newspapers nationwide. Amerilife generated customer s lists with information from those who responded to the ads in ordetr to later contact the consumers and try to sell themuninsuredd annuities, the FDIC said.
According to the Amerilife CD ads promisex an interest rate higher than rates offered by any and prominently displayed the FDIC logo and giving the impression Amerilife was an insured When a consumer went into an Amerilife office to purchasre theadvertised CD, Amerilife helped the consumer sign up for the CD on a bank’s Web Amerilife then forwarded a bonus payment plus the consumer’d check to the bank as the CD principal.
The totaol amount created the rate of returh advertisedby Amerilife, but the advertisements misrepresented the actuap terms and conditions under which the bank offeref the insured CDs, the FDIC