Live Insurance News

Life insurance is vastly misunderstood among American consumers

January 22, 2013January 22, 2013 H. Cutner

LIMRA has reported that 70 percent of people in the U.S. don’t understand the coverage. In the United States, ownership of life insurance has reached a historical low and a recent LIMRA study has suggested that it is likely because Americans don’t understand why it is needed or how the products in that sector actually work. The global consulting and research organization determined that there is a lack of understanding and knowledge. In order to come up with this claim, LIMRA applied a type of IQ test for life insurance…

Understanding different types of insurance and their need in emergency

January 15, 2013April 14, 2014 Guest Author

Insurance is a vital constituent of financial safety for any person. As time goes by, individuals start thinking about different ways that they may employ to save their hard earned cash – insurance policies being the most common among them. Insurance provides several benefits, based on the type that is purchased. Life insurance, health insurance, auto insurance and homeowners insurance are some of the common varieties of insurance policies. Insurance certainly serves different purposes and offers benefits for individuals as well as businesses. While a lot of people buy insurance…

Life insurance bill takes aim at reducing fraud

January 10, 2013April 30, 2013

Massachusetts Governor Deval Patrick is now deciding on his approval for regulations in the industry. Deval Patrick, the Governor of Massachusetts, is currently considering a bill that has been created in order to help to combat life insurance fraud by adding regulations to brokers and financial service companies that purchase policies from cash starved policyholders and then receive the benefits upon the death of those individuals. The sale of an individual’s policy for a fraction of its settlement total is both legal and common in Massachusetts. This is the case…

Life insurance policies are experiencing a lapsing trend

January 1, 2013January 1, 2013 H. Cutner

Insurers in India have been seeing an increase in the number of policies that have been allowed to lapse. Recent data released by the Insurance Regulatory and Development Authority (IRDA) in India has revealed that life insurance companies are experiencing a trend with an increase in policy lapses and forfeitures throughout the last financial year. This information was revealed within the authority’s annual report for the most recent fiscal year. Equally, the Life Insurance Corporation of India (LIC) a public sector insurer, revealed that it had experienced a lapse ratio…

Aetna faced with fine from Washington regulators

December 31, 2012December 31, 2012 S.Vagus

Aetna facing $1 million fine for faulty policies Insurance giant Aetna has run afoul of regulators in Washington. Insurance Commissioner Mike Kreidler has announced that Aetna has been fined $1 million for issuing more than 7,000 policies in the state to residents that faced premiums that were never approved by state regulators. Regulators suggest that many of these policies did not live up to the state’s legal requirements, thus were never official and introduced significant risk to consumers that held these policies as well as major financial stress. Policies do…