Live Insurance News

Disability insurance fraud crackdown underscores issues in program

August 28, 2013August 26, 2013 G. Turner

Federal authorities have discovered massive problems in the coverage plan for injured workers. A probe that has been continuing for two years, so far, has just led federal authorities to make 68 arrests in Puerto Rico, having to do with fraudulent claims on disability insurance. This, according to information from the U.S. Social Security Administration’s inspector general. The inspector general from the U.S. Social Security Administration has stated that prosecutors have now also charged a former Social Security employee as well as three doctors with having taken part in assisting…

Disability insurance covers three quarters of U.S. workers through social security

August 13, 2013August 10, 2013 Julie Campbell

Disability Insurance benefits US workers

According to the latest report, 76 percent of American employees have this coverage. The latest report that has been issued by Allsup has revealed that approximately three in every four workers in the United States, or 76 percent, had coverage through Social Security disability insurance benefits in 2012. This helps to underscore the importance of building an understanding of the role of work history. Last year, among workers between the ages of 20 years and full retirement, there were approximately 195.1 million workers who made up the American workforce as…

Workers compensation board in Alaska moves to lower costs

June 25, 2013June 24, 2013 G. Turner

Last week, they were seeking input from the public in order to gain ideas to reduce the rising expenses. The Alaska Workers Compensation board reached out to the public last week to help them to build ideas and receive the input of residents to be able to more effectively manage the rising costs associated with the coverage. Meetings were held by the board members in Anchorage, Juneau, Fairbanks, and Kenai. The opportunity was taken in those locations to help to gain ideas to help to stem the rising costs associated…

Disability insurance benefits bill moves forward in Rhode Island

June 24, 2013June 22, 2013 G. Turner

The legislation is designed to help to provide the temporary expansion of the coverage. A new Rhode Island disability insurance bill which is meant to expand the temporary benefits provided to residents who are required to leave work in order to care for a sick relative or a newborn, is now heading to the state Senate for their approval. This is following the bill’s passage by the Senate Finance Committee which occurred at the end of last week. The legislation was introduced by Senator Gayle Goldin (D-Providence). It would require…

Top Tips on Getting the Perfect Income Protection Policy for You

June 9, 2013April 21, 2014 Guest Author

What happens if you’re injured at work? You might not be able to pay your bills. While you could live off of your savings, that savings will only take you so far, and what if you don’t have any savings? This is where an income protection policy comes into play. Income protection policies, sometimes referred to as “disability policies,” pays you money when you are unable to work due to an illness or injury. Here’s how to compare policies so you get the most for your money: Analyse The Cost…

Insurance fraud news made when two men in Spain cut off their hands to collect

April 29, 2013May 1, 2013 Julie Campbell

The scammers were nearly successful except that they did the damage too neatly and cleanly. Two men in Spain who were hoping to collect up to $3.1 million in insurance fraud, cut off their own hands in order to be able to make an dismemberment claim, but were caught because their amputations were performed too well. The men acted in two completely separate and unrelated incidents but each had a similar plan. Unfortunately, this type of instance of insurance fraud is growing in the country, as Spain continues to be…

Disability insurance refunds coming to New York

April 25, 2013April 24, 2013 Logan B.

New York acquires refunds for disability insurance policies New York Governor Andrew Cuomo has announced that Zurich American, a leading insurance firm, will be providing refunds to disability insurance policyholders throughout the state. The refunds come due to Zurich running afoul of a state regulation that requires the insurer to pay no less than 60% of the premiums it collects on claims. Zurich was unable to meet this standard and will begin issuing refunds on disability insurance policies over the next month or so. Refunds signify strong regulatory action Governor…