Steelman

FACTS

At all relevant times, defendant Robert Damico was a licensed insurance agent and broker who was employed by defendant State Farm VP Management Corp. (State Farm). Damico sold insurance to the Steelmans for several years prior to the

1 In conducting our de novo review of whether plaintiff “has pleaded facts sufficient to state a cause of action,” we “must ‘give[] the complaint a reasonable interpretation, and treat[] the demurrer as admitting all material facts properly pleaded.’ [Citation.] Because only factual allegations are considered on demurrer, we must disregard any ‘contentions, deductions or conclusions of fact or law alleged . . . .’” (People ex rel. Gallegos v. Pacific Lumber Co. (2008) 158 Cal.App.4th 950, 957.)

2 events at issue in this case. The Steelmans trusted Damico and had confidence in Damico’s representations and expertise regarding insurance products and investments. In August 2002, the Steelmans and Damico discussed the Steelmans’ existing life insurance policies (which were up for renewal) and the possibility of purchasing “better products that would provide both investment income and life insurance for both of them.” At the time, plaintiff was a…