Tag: life insurance claims

Canadian life insurance has been too expensive for years, says new analysis

Logan B.
Canadian life insurance - Canadian Money

The findings indicate that people in Canada have been overpaying for coverage by 36 percent. Canadian life insurance is substantially more expensive than it should be, according to a recent PolicyMe study which showed that people in the country to our north are paying an average of 36 percent too much. This analysis was based on the data from 4,800 existing policies in Canada. The findings have shown that the Canadian life insurance industry may be ready for somewhat of an overhaul. The reason is that the traditional methods used…

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Life insurance fraud culprits caught faking death

Julie Campbell
insurance fraud

A family has been accused of making false claims on a number of policies totaling over $1 million. A former resident of Toronto, Canada, was discovered living in California after having made claims on several life insurance policies in his name half a decade ago, allowing his family to collect. This fraud against the insurers racked up payouts of over $1 million for the individual’s family. The fraudsters took out a number of life insurance policies on the man and then faked his death so that they would be able…

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Life insurance study shows satisfied claimants

G. Turner
life insurance customer satisfaction

The results of a recent study have revealed that 95 percent of the people who have made claims are satisfied. According to the outcome of a recent LIMRA survey, additional services offered by life insurance companies, such as coverage coordination and grief counseling are generating a larger amount of business, boosting recommendations, and are enhancing the positive perception of claimants. The study showed that among the beneficiaries of the policies, the vast majority are quite satisfied with the experience. The LIMRA research indicated that 95 percent of life insurance beneficiaries…

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Life insurance settlements in California reach $763 million

G. Turner
Life Insurance

So far, there have been 11 insurers that have joined into the multistate agreement to pay. According to John Chiang, the California State Controller, there have been 11 life insurance companies that have now signed the multistate settlements for unpaid benefits of up to $763 million. These settlements were the result of a half decade investigation conducted by Mr. Chiang and his team. This investigation looked into the compliance that the life insurance industry has maintained with the unclaimed property laws in California. What his research revealed was that companies…

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New York regulators launch investigation into the state’s life insurance industry

The New York Department of Financial Services has begun an investigation into the state’s life insurance industry. The investigation seeks to account for the $52.6 million in unpaid benefits that has been missing for the past several months. The money has yet to reach the 8,000 beneficiaries to which it is owed. Shortly after the investigation was announced on Monday, the money quickly made its way to beneficiaries, which has sparked concerned amongst the state’s insurance regulators. In accordance with the investigation, the state’s life insurance companies are required to…

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