Life insurance settlements in California reach $763 million

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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Life insurance law in Vermont drives insurers to pay

Life insurance

Companies in the state were not adequately seeking beneficiaries are now paying out. Auditors in Vermont have determined that many of the life insurance companies in the state were not being adequately aggressive to seek out the beneficiaries of policyholders that had died, and steps have now been taken to remedy that trend. This has meant that many beneficiaries were not receiving the payments that were due to them. A number of large life insurance companies in Vermont, such as Lincoln Financial, Prudential, and AIG, have each reached settlements with…

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Life insurance companies are the focus of a new law in Montana

Life Insurance News

A new bill has just been signed by the state governor that requires firms to search for beneficiaries. Governor Steve Bullock has just signed a new Montana bill that will require that life insurance companies always search for policy beneficiaries when the policyholder has died. This is the case even when there have not been any claims submitted following the policyholder’s death. The bill was created as a response to a number of settlement agreements that have been made across the country in which life insurance companies had been charged…

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Life insurance company pursued by New Mexico officials

Insurance industry News

The insurer is currently at risk of being shut down if it doesn’t make its payments. Officials in New Mexico are currently working to collect over $100,000 from a life insurance company that has previously stated that it will not make payments to two deceased state employees who had been paying for this coverage. The insurer, which is based in Oregon, has stated that a lack of medical history form prevents the payment. According to Ed Burckle, the General Services Department Secretary, the reason that the life insurance company will…

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Life insurance maintains its importance in families with dependents

Life Insurance buying tips

The protection provided by this coverage is still an important element of financial planning. Despite the changes in the life insurance industry and the economy that continues to struggle, the coverage is maintaining its value for families that depend on the income of the policyholder. These policies provide families with a way to replace income that suddenly ceases if the earner should die. In order to take full advantage of life insurance, families should discuss the topic and make certain that they choose the form of the coverage that is…

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