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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
November 17, 1999
THE GUARANTEE LIFE COMPANIES INC.
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(Exact name of registrant as specified in its charter)
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<S> <C> <C>
Delaware 0-26788 47-0785066
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(State of Incorporation) (Commission File Number) (IRS Employer Identification
Number)
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8801 Indian Hills Drive,
Omaha, Nebraska 68114
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(Address of principal executive offices) (Zip Code)
(402) 361-7300
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(Registrant's telephone number, including area code)
Not applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Events.
On November 17, 1999, Bradley Baymiller, Shirley Baymiller, Ernest Benck,
Elizabeth Breemer, Chester Neville and Susan Neville filed a lawsuit in Orange
County, California Superior Court against The Guarantee Life Companies Inc.
("Guarantee Life"), Guarantee Life Insurance Company and Guarantee Mutual Life
Company. The suit seeks recognition of a class action on behalf of all persons
who held an ownership interest in a participating life insurance policy issued
by the defendants from January 1, 1980 to the present. The plaintiffs allege
breach of contract, breach of the implied covenant of good faith and fair
dealing, fraud and violation of the Unfair Competition Act in the sale of
certain participating life insurance policies using policy performance
illustrations which used then current interest or dividend rates and insurance
charges and illustrated that some or all of the future premiums might be paid
from policy values rather than directly by the insured. The plaintiffs also
allege that the defendants artificially adjusted dividend/credit interest rates
and mortality rates to the detriment of the plaintiffs. Unspecified compensatory
and punitive damages, costs and equitable relief are sought. Management believes
that Guarantee Life made the appropriate disclosures to policyholders as a
matter of practice and at this preliminary stage does not believe the lawsuit
has merit and intends to vigorously defend its position.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE GUARANTEE LIFE COMPANIES INC.
By /s/ Richard A. Spellman
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Richard A. Spellman, Senior Vice President,
General Counsel and Secretary
November 23, 1999
