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Top News In டிரான்ஸ்அமெரிக்கா வாழ்க்கை காப்பீடு இணை Today - Breaking & Trending Today

Insurer, Aspen couple agree to fraud suit settlement

A national insurance carrier on Monday filed a court notice indicating its dismissal of a civil action against an Aspen couple accused of reaping early $700,000 in reimbursement claims made through false pretenses.
Transamerica Life Insurance Co.’s dismissal marked the quiet conclusion of the lawsuit carried out by the Iowa-based company in U.S. District Court in Denver, where it alleged defendants Nikifor Budsey II and Janey Gubow posed as a respective physically debilitated person and his constant caregiver.
The lawsuit accused Budsey II of filing reimbursement claims with his insurance carrier, Transamerica, for hundreds of dollars of day for care he did not receive or need. Transamerica was under the impression Budsey was paying Gubow for the care she provided him, and therefore reimbursed Budsey for over a period of seven years before catching onto the alleged scheme. ....

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Recent Trends and Defense Strategies in Agent Sales Practice Suits | Carlton Fields

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Allegations of misconduct by agents and brokers are a consistent feature of lawsuits aimed at insurance companies. Several recent court decisions illustrate the types of claims insurers have faced and which defense strategies are proving successful.
The claims generally fall into two archetypes: misrepresentations by the insurance agent during the sale of the policy, and fraud by the insurance agent after the sale of the policy. In one recently filed putative class action, for example, the plaintiff claimed that agents were trained and incentivized to trick consumers into replacing whole life policies with universal life policies and that, in doing so, agents misrepresented the terms or benefits of the universal life policies. In another case, the plaintiff sued an agent and insurer, alleging that the agent (who was also the decedent’s brother) improperly designated himself as the beneficiary of the decedent’ ....

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COVID-19 Mortality Fueled Life Insurance Death Benefits Surge, S&P Says

COVID-19 Mortality Fueled Life Insurance Death Benefits Surge, S&P Says
The rate of increase for death benefits on individual life policies of 16.7% exceeded the 10.9% rise for group life contracts.
The U.S. life insurance industry recorded its largest year-over-year increase in direct and net death benefits in at least 24 years as excess mortality due to COVID-19 triggered an unusual volume of claims during 2020.
Aggregate net death benefits across all lines of business rose by 15.1% to $87.51 billion, according to an S&P Global Market Intelligence analysis of disclosures in annual statutory statements. The rate of increase for death benefits on individual life policies of 16.7% exceeded the 10.9% rise for group life contracts. ....

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