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Definity Financial Corporation Cheque Scam (Jan 2022) Read!

Please read this article to clarify your doubts about the Definity Financial Corporation Cheque Scam regarding the demutualization of a well-known insurer firm.

Did you hold a policy with the Economical Mutual Insurance Company? Did you hear about its demutualization? Have you received any cheques lately from this company? Or, have you heard of your acquaintances receiving a similar amount? Then, please read this article to clear your doubts.

In today’s article, we have talked about the demutualization process of an insurance company. Policyholders from Canada are keen to know about the same. People are also searching the Web about Definity Financial Corporation Cheque Scam to learn about it. 

Table of Contents

About Economical Mutual Insurance Company

The subject organization, also called Economical Insurance or Economical, is a well-known insurer firm in Canada. It covers the insurance of assets and casualties. The company has millions of policyholders in this country. The customers have paid a net premium amount of 2.9 billion at the end of the fiscal year 2021. 

The Recent Demutualization of Economical Insurance

Economical went through a process of demutualization on 23 November 2021. This implies that the firm changed from a mutual insurance company to a share market investor. After this incident, Definity Financial Corporation Cheque Scam is the latest subject people are searching on the Net. 

The current inclusion of Economical has Definity Insurance Company, Petline Insurance Company, Sonnet Insurance Company, and Family Insurance Solutions. Out of these companies, Definity Insurance Company is the parent company of the newly formed share company.

What Will Happen to The Policyholders’ Money?

The concerned authorities have decided to distribute the financial benefits among the erstwhile and eligible policyholders. The distribution shall be in the form of cheques or cash. The company shall also distribute the financial benefits via Definity shares.

Definity Financial Corporation Cheque Scam

On receiving the cheques, many people were stunned as they did not expect such amounts. Therefore, it spread by word that this may be a scam. Moreover, as the parent company’s name is now Definity Financial Corporation instead of Economical Mutual Insurance Company, people unaware of the demutualization process suspected an illicit process. 

However, the demutualization did not happen overnight, and Economical had started contemplating it a few years back. In 2015, the firm had sent letters to its policyholders making them aware of the upcoming procedure. Thus, the cheque receivers should not doubt this to be a Definity Financial Corporation Cheque Scam.

Economical Insurance had also updated the list of eligible policyholders who owned an Economical mutual insurance policy since 3 November 2015. Thus, they executed all clarification methods before converting to a share investment company, including circulation of the proxy form for the vote.

The Concluding Thoughts

The facts suggest that the distribution of cheques is a succeeding act to the demutualization of Economical Mutual Insurance Company. You can read about the demutualization of insurance and its examples. Also, please read How To Avoid Online Scam to be alert. 

If you still doubt a Definity Financial Corporation Cheque Scam or have any suggestions, please share with us below.

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