Kansas City Life Insurance Company: Difference between revisions
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Originally chartered as Bankers Life Association on May 1, 1895, the Company was founded by Major William Warner, President; J.H. North, Vice President; and S.E. Rumble, Secretary.{{Citation needed|date=March 2020}} Rumble conceived the idea of forming a life insurance company in the "heart of America." At the time, Kansas City was known as the Athens of the West and was the second largest city in the western half of the United States; only San Francisco was larger. |
Originally chartered as Bankers Life Association on May 1, 1895, the Company was founded by Major William Warner, President; J.H. North, Vice President; and S.E. Rumble, Secretary.{{Citation needed|date=March 2020}} Rumble conceived the idea of forming a life insurance company in the "heart of America." At the time, Kansas City was known as the Athens of the West and was the second largest city in the western half of the United States; only San Francisco was larger. |
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The Kansas City Life Insurance Company name was adopted in 1900. The |
The Kansas City Life Insurance Company name was adopted in 1900. The company began issuing policies in small amounts from an office in the Scheidley Building, located at Ninth and Main Streets in Kansas City, Mo.{{Citation needed|date=February 2020}} |
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In 1897, the |
In 1897, the company moved to the Navajo Building, then the Rialto Building, where it remained until 1924 when the Company moved to its present location. The Home Office sits on approximately five acres of land purchased for $200,000. Built for $1 million, the building was dedicated on Aug. 1, 1924.{{Citation needed|date=February 2020}} The building was one of the first designed by [[Wight and Wight]] architects, who later designed [[Kansas City City Hall]], [[Jackson County Courthouses (Missouri)#Kansas City|Jackson County Courthouse in Kansas City]], [[Nelson-Atkins Museum of Art]], and more. The company also owns residential real estate by the Home Office. These purchases began in the late 1960s as part of the [[Penn Valley Redevelopment Project]]. |
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In 2015, a majority of Kansas City Life shareholders voted to de-list from the [[NASDAQ]] stock exchange in an effort to reduce costs and shift more shares to company ownership.<ref>https://www.winkintel.com/2015/12/kansas-city-life-shareholders-approve-leaving-nasdaq-going-private/</ref><ref>https://www.sec.gov/Archives/edgar/data/54473/000101410815000312/kcli-ex991.htm</ref> The stock is still sold [[over the counter (finance)|over the counter]]. |
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| ⚫ | In June 2019, after obtaining a judgment of $34 million for suing State Farm for overcharges in 2018, Stueve Siegel Hanson LLP and Miller Schirger, LLC filed lawsuit against Kansas City Life Insurance Co, alleging the company “systematically overcharged” clients.<ref>https://www.kansascity.com/news/business/article231725243.html</ref> |
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| ⚫ | In November, 2019 a Kansas City Life Co. client filed a class-action lawsuit accusing the life insurance provider of charging fees in excess of the limits outlined in its contract on 01 of October 2018. Plaintiff J. Gregory Sheldon bought a Flexible Premium Variable Life Insurance Contract Nonparticipating policy from Kansas City Life in December 2000. In addition to a death benefit, the policy provides an interest-bearing component that accumulates value over time.<ref>{{Cite web|url=https://www.bizjournals.com/kansascity/news/2019/11/18/kansas-city-life-class-action-overcharging-fees.html|title=Class-action suit: KC Life overcharged on policy fees|last=|first=|date=|website=www.bizjournals.com|url-status=live|archive-url=|archive-date=|access-date=2020-03-14}}</ref> |
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==References== |
==References== |
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Revision as of 23:39, 25 October 2020
 | This article includes a list of general references, but it lacks sufficient corresponding inline citations. (November 2019) |
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| Company type | Public |
|---|---|
| OTCQB: KCLI | |
| Industry | Insurance & Finance |
| Founded | 1895 |
| Headquarters | Kansas City, Missouri, US |
Key people | R. Philip Bixby, President & CEO |
Number of employees | 500 |
| Website | www.kclife.com/ |
Kansas City Life Insurance Company is a public insurance company established in 1895 and located in Kansas City, Missouri. The company's 1,400 agents market individual life, annuity and group products through agencies located in 48 US states and the District of Columbia. Variable life, variable annuities, mutual funds and other investment options are offered through a subsidiary, Sunset Financial Services.
The Kansas City Life Group of Companies:
- Kansas City Life Insurance Company
- Old American Insurance Company
- Sunset Life Insurance Company of America
- Sunset Financial Services Inc.
About
Kansas City Life Insurance Company was established in 1895 in Kansas City, Mo. It currently offers term, whole life, and universal life products, including indexed universal life and variable universal life.[citation needed]
History
Originally chartered as Bankers Life Association on May 1, 1895, the Company was founded by Major William Warner, President; J.H. North, Vice President; and S.E. Rumble, Secretary.[citation needed] Rumble conceived the idea of forming a life insurance company in the "heart of America." At the time, Kansas City was known as the Athens of the West and was the second largest city in the western half of the United States; only San Francisco was larger.
The Kansas City Life Insurance Company name was adopted in 1900. The company began issuing policies in small amounts from an office in the Scheidley Building, located at Ninth and Main Streets in Kansas City, Mo.[citation needed]
In 1897, the company moved to the Navajo Building, then the Rialto Building, where it remained until 1924 when the Company moved to its present location. The Home Office sits on approximately five acres of land purchased for $200,000. Built for $1 million, the building was dedicated on Aug. 1, 1924.[citation needed] The building was one of the first designed by Wight and Wight architects, who later designed Kansas City City Hall, Jackson County Courthouse in Kansas City, Nelson-Atkins Museum of Art, and more. The company also owns residential real estate by the Home Office. These purchases began in the late 1960s as part of the Penn Valley Redevelopment Project.
In 2015, a majority of Kansas City Life shareholders voted to de-list from the NASDAQ stock exchange in an effort to reduce costs and shift more shares to company ownership.[1][2] The stock is still sold over the counter.
Litigation
In June 2019, after obtaining a judgment of $34 million for suing State Farm for overcharges in 2018, Stueve Siegel Hanson LLP and Miller Schirger, LLC filed lawsuit against Kansas City Life Insurance Co, alleging the company “systematically overcharged” clients.[3]
In November, 2019 a Kansas City Life Co. client filed a class-action lawsuit accusing the life insurance provider of charging fees in excess of the limits outlined in its contract on 01 of October 2018. Plaintiff J. Gregory Sheldon bought a Flexible Premium Variable Life Insurance Contract Nonparticipating policy from Kansas City Life in December 2000. In addition to a death benefit, the policy provides an interest-bearing component that accumulates value over time.[4]
References
- ^ https://www.winkintel.com/2015/12/kansas-city-life-shareholders-approve-leaving-nasdaq-going-private/
- ^ https://www.sec.gov/Archives/edgar/data/54473/000101410815000312/kcli-ex991.htm
- ^ https://www.kansascity.com/news/business/article231725243.html
- ^ "Class-action suit: KC Life overcharged on policy fees". www.bizjournals.com. Retrieved 2020-03-14.
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