Ferguson vs Crown Life and William Casteel - V7of23 - 231p

  • 1995 0824
  • PLAINTIFF'S DIRECT EVIDENCE - CONTINUED
  • STEPHAN HUBBARD (By Video Deposition - Continued)
    • Direct Examination (Contd.) by Mr. Tekell --------1257
    • Direct Examination (Contd.) by Mr. Tekell ----------1293
  • WILLIAM E. CASTEEL
    • Direct Examination by Mr. Bostwick----------------1325
    • Direct Examination (Contd.) by Mr. Bostwick -------1357
    • Cross-Examination by Mr. Becker ------------1422

       

  • [(p-1325-) - WILLIAM E. CASTEEL - Direct Examination by Mr. Bostwick (Ferguson)]
  • Work History
    • 1968-1973 - MetLife
    • 1973-1979 - Lincoln National Life - I was recruited by a company called Lincoln National Life to go into their management program to teach other people how to sell, and I accepted that job.
  • 1343-1344 - [Training]
    • Q Okay. What training did Crown Life give you to sell their product, their life insurance product?
      A None.
      Q And that would have been during .the -- I said 16 and I think you -- it's properly 13 years, from '73 to '86, they didn't give you any training.
      A That's right.
      Q So whatever knowledge you had of their product and how to sell and what to say about their product was what you gleaned through your own experience, number one?
      AYes.
      Q Or number two, what you could pick up from the printed material which they provided -- which Crown Life provided you.
      A Yes, sir, that's true. But I had received training prior to that.
      Q I understand.
      A But not from Crown Life. Yes, sir.
  • 1355 - Okay. And it was Crown Life's agent, Mr. Hicks,
    general agent Mr. Hicks, that made the decision,
    apparently on your behalf, to determine what information
    would ultimately be included on the proposal or
    illustration.
    A Apparently that's correct.
  • 1356 - MR. BOSTWICK: Your Honor, I'm at a breaking point, if it's -- if the Court wishes --
  • [RECESS]
  • 1362 - Okay. Let me ask it this way: "n pay" or super
    vanish, by Crown Life's definition, necessarily includes
    and must include, in terms of professional fashion, the
    concept of arbitrage, i.e. it must have a difference
    between the variable loan rate and the dividend scale rate
    in order for it to work. Did you know that?
    A Not then. I'd never heard the word arbitrage
    associated with life association. Stocks and bonds, but
    not life insurance.
  • 1365 - But back then, I thought I understood it. But since
    this trial, I realize I didn't.
  • 1386 - We couldn't even talk to
    the home office people.
  •