Chronically ill patients can receive patient for life insurance from The Hartford

Chronically ill clients of The Hartford can now benefit from a new patient for life insurance system that has been awarded to the insurer, to advance the death benefit of a policy in order to offer those patients an income. For the first time in the insurance industry, consumers will be able to obtain an income from the LifeAccess Accelerated Benefit Rider® system, which provides chronically ill patients with an income that they can use for whatever they want, including paying family or friends to provide them with home care.…

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Aon Study reveals an increase in average long term care liability claims

Aon Risk Solutions has released the results of research in its 2011 Long term Care General Liability and Professional Liability Actuarial Analysis, which showed that even though the frequency of claims is declining, the costs of long term care liability are on the rise as a result of an increasing average size of the claims. When compared to 2010, this year has shown a rise in the average size of claims that equals approximately 4 percent. Across the country, the severity and size of the liability claims saw a steady…

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Combination life insurance product sales skyrocket to $1.2 billion

The results of a LIMRA research study have shown that the sale of combination life insurance skyrocketed in 2010, with sales rising by 62% to reach $1.2 billion. According to research actuary Catherine Ho, from LIMRA, this 2010 increase in the overall sales of combination life insurance products was significant, especially when considering that there had already been growth in the double digits in 2009. In a LIMRA press release, Ho stated that “In addition to carriers boosting their marketing campaigns, consumers’ growing desire for an alternative to stand-alone long…

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Salary.com survey measures the value of a stay-at-home Dad

The results of the annual Salary.com “Dad Salary Survey” has shown that while fathers who work conventional day jobs would earn an average annual salary of approximately $34,000 if they were paid for their parenting duties, a stay-at-home dad’s job (if it were to incur earnings), have an average annual salary of over $60,000. Today’s dads are performing tasks that are a great deal more involved than simple babysitting. It has also been noted that their hours are typically very long every day as they work to perform a number…

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California life insurer’s under investigation

Ten of California’s largest life insurance companies have come under investigation by state regulators for their handling of dormant policies. The ten are the latest in a sleuth of insurance companies nationwide that have been accused of withholding benefits from a policyholder’s family upon their death. Insurance Commissioner Dave Jones, along with State Controller John Chiang, will be leading the investigation. “The goal is to determine whether the insurance industry has engaged in unfair practices,” says Jones. The state’s probes uncovered some troubling information throughout the state, much of which…

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Nationwide answers probing questions in Florida

Representatives from Nationwide Mutual Insurance where called upon by Florida officials to testify on how insurers handle life insurance payouts in the state. Several of the state’s insurance companies have been the target of controversy lately after being accused by regulators of holding back payouts. Allegedly, these companies withhold funds despite having full knowledge that a policyholder has passed away. According to regulators, these funds may be being held in safekeeping until they are designated as unclaimed, at which point the insurer is no longer liable for payouts. Nationwide assured…

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Highest concentration of fatalities from accidents lies in just five states

A recent CDC study reveals the real cost of fatality accidents across the United States. The total number counts all 50 states; however, ten of the fifty states are responsible for at least half of the grand total. Thirty thousand fatality accidents a year across the U.S. adds up to a 41 billion dollar loss. Fatality accidents are very difficult for families and friends to deal with; and the economic toll is staggering. Fatalities cost each state hundreds of thousands of dollars, if not millions. The economic losses are from…

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Unclaimed billions from life benefits…who will get it?

Lawmakers in the U.S. are battling over billions of dollars in unclaimed life insurance benefits. A number of states have stepped into the legal arena, hoping to lay claim to the money. Technically, the money belongs to beneficiaries, but states have laws that impose statutes on how long benefits can go unclaimed. The money presents an enticing opportunity for states that have dangerously thin wallets. California, in particular, has been aggressive in their pursuit of these funds. The state, after meandering through the legal process, is now pressuring insurance companies…

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