State and federal regulators are launching a crackdown against what they call phony health insurance companies that allegedly are scamming consumers. Like what you see? Click here to sign up for Insurance Networking News weekly newsletter to get the latest on breaking industry news, carrier technology implementations and developing business and technology trends. The Federal Trade Commission (FTC) announced in New York yesterday that it was bringing lawsuits against three companies that sell the questionable health discount plans. Full Article…
The Federal Deposit Insurance Corporation (FDIC) recently revealed concerns that consumers may mistakenly believe their life insurance accounts are FDIC-insured. This concern came in the wake of recent media reports that the life insurance industry may be holding onto money due to beneficiaries rather than issuing them lump sum checks because the interest rates they earn are higher.
Life Insurance Companies Subpoenaed Over Beneficiary Accounts
Recently, New York Attorney General Andrew Cuomo subpoenaed a number of life insurance companies, including Prudential Financial Inc., MetLife, Guardian Life Insurance, New York Life Insurance Co., Genworth Financial Inc., Unum Group and Northwestern Mutual Life Insurance in order to investigate their life insurance policy records.
The normal practice after a policyholder dies is for a life insurer to place money into a retained-asset account, which earns interest that can be withdrawn at any time.
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When the phrase term life insurance calculator is used some people are thinking of how to calculate term insurance premiums. Others want to find out how much term insurance is needed to protect the family. You determine how much to buy here – Life Insurance Needs Calculator Find out how much premium you will pay – Life Insurance Cost Most people know they need to buy some life insurance if they have a family to protect. They don’t have the slightest idea how much would be sufficient. They also don’t know how much a life insurance company would be willing to issue.
There are certain things that helps one determine this.
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With so many consumers now using smartphones, insurers are seeing an increase in “gadget” claims. U.K.-based gadget insurer, Protect Your Bubble, says one in five iPhone users have made an insurance claim during the past 12 months. And the company has heard a variety of iPhone insurance claims during that time. Their favorites include “I dropped it from a hot air balloon” and “my dog mistook it for his favourite toy and chewed it to bits.” Other unusual claims include “I lost it while skydiving,” “I dropped it in a blender” and “It fell into the kettle.” Like what you see? Click here to sign up f Full Article…
The Obama administration has given the medical world five years to figure out how to move all medical records to a digital format, the New York attorney general is pushing for a probe into the life insurance industry and individuals recently surveyed revealed that if given the opportunity, they would not be interested in suing their auto insurance companies.
Digital Medical Records Get 5-Year Deadline
In mid-July, President Barack Obama dished out an ambitious five-year plan that would require doctors and hospitals to move all medical records to a digital format. This
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