Ex Cashed Out Insurance Policy _ Part 3
Reflecting on the past as I cash out my insurance policy. It's a bittersweet moment, but I'm grateful for the financial security it provides. #InsuranceJourney #FinancialSecurity
Transcript
00:00On October 31st, Bob emailed to me this contract.
00:05That's the first time I ever saw...
00:07Fine. Just he emailed you a contract that said...
00:10If you will sign this spousal release form,
00:14I will give you $18,500.
00:16I'd like to see it.
00:17That's where we're going.
00:18Right here.
00:19Thank you.
00:24Prior to that, I never said any figures.
00:26Shh.
00:27Okay?
00:28Okay. So, Mr. Kempton, you sent this note to her?
00:33Yes, Your Honor, this...
00:34Shh.
00:35You sent this note to her?
00:37Yes.
00:38And when you sent this note to her,
00:40she responded by signing the document?
00:43Correct.
00:44Just a second.
00:45Yes.
00:46Now, that is, Mr. Kempton,
00:48since you're in the insurance business,
00:50so you know something about a contract.
00:52Yeah.
00:53In order to have a contract,
00:54going back to contract law,
00:56which is a half a century ago,
00:57let's see if I get it right.
00:59You need an offer.
01:00That's the offer.
01:02Okay.
01:03You need an acceptance,
01:05which she did by signing the contract,
01:08the document that you wanted her to.
01:10And you need consideration.
01:12An offer, acceptance, and consideration.
01:16The consideration for her doing the sign-off
01:21was $18,500.
01:24Yeah.
01:25Now, if you didn't say $18,500 here,
01:29she wouldn't have a leg to stand on
01:31because she threw away trash.
01:32Correct. That's right.
01:33Now, what you're going to tell me,
01:34and you gave her $12,500.
01:36Yes.
01:37And that's where we are.
01:38You want the rest.
01:39But you have a valid contract,
01:40offer, acceptance, and consideration.
01:42Yes.
01:43Okay.
01:44And you're going to tell me that after you got it,
01:46which is why you sent her the $12,500,
01:49because you figured out how much she paid
01:52and how much you paid,
01:53and she should really have only gotten a third,
01:56not more than a third, right?
01:58And that's what you figured out.
01:59Yes.
02:00Well, that's too bad for you.
02:01You should have figured it out
02:02before you made the contract.
02:03I made a mistake.
02:04Okay.
02:05Can I say something?
02:06Mistake once the contract is fully executed,
02:10and it was fully executed.
02:12Offer, acceptance, she signed off the document,
02:16and the consideration was fixed by contract
02:19of $18,500.
02:21I want to tell you something.
02:22I don't like to do this,
02:23because I think she just should have said,
02:26sure, I'll sign it.
02:27I have no skin in the game in that policy anymore.
02:31But the truth is she had paid the premiums
02:34over a three-year period.
02:36You had paid the premiums over a three-year period,
02:38and you jointly paid the premiums
02:40over a longer period of time
02:42when you had the policy together.
02:44So it's not an unreasonable thing.
02:47Now, if you want to disagree with anything
02:49that I just said, you have 30 seconds.
02:51Your Honor, only to add to the fact
02:53that the $18,000 email that you were having in front of you there,
02:56that was based on a verbal conversation we had
02:59before she was signing this document, okay?
03:03And so I assumed that we had paid the premiums
03:06about half the time.
03:07But I was wrong.
03:08I made a mistake.
03:09Okay, it's going to bite me, I know.
03:11I later found out that that was wrong.
03:13Okay.
03:14So you understand, sir, you sell insurance.
03:17This is the contract.
03:18Yeah, I understand.
03:19Four corners of the agreement.
03:21If you buy a building, and you have it inspected,
03:25and you reach a price, and you go to contract,
03:28and then you say, you know what?
03:30I think I made a mistake.
03:31And the contract provides for liquidated damages
03:35in the amount of your deposit.
03:37You say, well, I changed my mind.
03:38I made a mistake.
03:39I thought it was zoned so that I could put in a barbershop,
03:42and it wasn't.
03:43Well, that's something you have to figure out before.
03:45So if you made a mistake, it's an expensive mistake,
03:48but one that in your situation,
03:50I think that you probably should be happy
03:53that you're able to pay the $5,000,
03:55because the other way,
03:56your children would be collecting a lot more money,
03:58because you're still standing here, right?
04:00Sure.
04:01Perfect.
04:02Judgment for the plaintiff in the amount of $5,000.
04:04We're done.
04:05Thank you.
04:06Parties are excused.
04:07You may step out.
04:08I thought she was very fair and very reasonable,
04:10even though I lost.
04:11It was the contract.
04:12It was the whole case.
04:13She wanted more money than I was willing to give her.
04:16Be careful when you sign off.
04:18You rise to things.