Despite record profits this year, the insurance industry continues to shed jobs. The Insurance Information Institute has released a new report highlighting the losses in the property/casualty insurance sector. Signs of an improving economy may not be enough to help the industry keep its workforce employed, especially when confronted with costly losses due to this year’s natural disasters. The Institute’s report relied on data collected by the U.S. Labor Department’s Bureau of Labor Statistics. Apart from a still turbulent economic climate, the industry has been downsizing as a result of…
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Americans with life insurance feel their beneficiaries are capable of making a claim
The results of a survey by Nationwide Financial Services, Inc. has shown that 70 percent of policyholders of life insurance feel confident that the beneficiaries of the coverage would be capable of filing the claim when the time comes, and that the majority of those policyholders have made an effort to assist in the necessary preparation. The survey’s outcomes were released for Life Insurance Awareness Month, which is September. According to Nationwide Financial’s senior vice president of Individual Protection, Peter Golato, families can obtain financial security and stability from life…
Read MoreLife Insurance Awareness Month: LIFE Foundation may have trouble convincing consumers life insurance is worthwhile
September is Life Insurance Awareness month and many insurers have been launching campaigns to attract new clients. Many people often put life insurance in the back of their mind because the issue of death is both sensitive and uncomfortable. Because of the unsettling nature of the subject, a great number of people go without life insurance, justifying their decision with the intention of getting coverage in their latter years. Accidents, however, are unpredictable and life itself is notoriously fickle. Given that life can come to a sudden, unavoidable halt at…
Read MoreNationwide 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…
Read MoreMake sure to check settlement options on life insurance plan
If you live in the state of Texas you may want to review your life insurance policy and read all the terms associated with it. According to a recent survey conducted by the Texas Department of Insurance (TDI) several life insurance companies place beneficiary payments into a Retained Asset Account (RAA) instead of directly paying the beneficiary. In a survey of 160 life insurance companies the TDI found that around 71 of the companies offered RAA’s and over half of them use the accounts as the default policy settlement option.…
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