Tag: life insurance

Grumpy Cat’s owner faces income loss risk without social media insurance

Julie Campbell
Social media insurance loss - Image of Grumpy Cat

In the absence of coverage for animal influencers, owners risk financial losses when their pets die. Following the death of Grumpy Cat, the lack of a niche social media insurance product for animal influencers has fallen into the spotlight. As a result, the popular meme cat’s owner is at risk of some major financial losses. Under the law, a pet – even a social media influencer – is comparable to any other possession. Grumpy Cat left a fun and beloved legacy behind, along with a business that had been highly…

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Philip Morris launches Reviti life insurance company with discounts for smokers who quit

Nordstrom
Reviti Life Insurance - Smoking - cigaretes, Ash tray

The tobacco giant has started its own insurer with special discounts for smokers working on cessation. Philip Morris International, the tobacco giant behind Marlboro cigarettes, has just opened its own insurer called Reviti life insurance. Reviti is a wholly owned subsidiary of Philip Morris that will begin selling life insurance in the UK. Though Reviti life insurance will start in the United Kingdom, the intention is to expand its sales into markets overseas as well. That said, what is interesting about this life insurance company owned by the tobacco giant…

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Japan’s insurance industry takes steps to stop genetic discrimination

Logan B.
Genetic discrimination - DNA

The Japanese industry is preparing guidelines to make sure insurers can’t collect customer DNA. The insurance industry in Japan is getting ready to create guidelines that would stop genetic discrimination by insurers in the country. They are seeking to ban health and life insurance companies from the collection or use of genetic information for purposes related to coverage eligibility or premiums calculations. Associations across the industry say they haven’t started using genetic info but the goal is to stop it. According to the Life Insurance Association of Japan, its members…

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Massachusetts seeks to reverse decisions for denied life insurance by naloxone carriers

Logan B.
Denied Life Insurance - Life Insurance Form

The state has issued guidelines following a nurse’s rejection because she is trying to be a good Samaritan. Massachusetts has issued new guidelines regarding naloxone carriers after a nurse was denied life insurance. The state is hoping that life insurance and disability insurance companies will stop denying coverage to good Samaritans who are carrying the overdose-reversing drug in order to help those in need of it. The guidelines were issued this month in response to the story of a nurse who couldn’t get a policy. The Boston nurse carries the…

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Life insurance premiums can be calculated using your social media posts

Marc
life insurance premiums - social media

Provided they are not discriminatory, life insurers can use customers’ posts to decide on pricing. The New York Department of Financial Services (N.Y.F.S.) has released new life insurance premiums calculation guidelines. These will allow insurers to use data collected from their customers’ social media posts to help calculate premiums. These regulations may soon move outside New York and into other states as well. The life insurance premiums guidelines indicate that insurers have the right to obtain and apply data gleaned from “non-traditional” sources as well. That said, if they do…

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Wells Fargo is leaving the California renters insurance market due to violations

G. Turner
California Renters Insurance - Wells Fargo Building

The financial services giant gave up its license in the state as a part of a wider settlement. Wells Fargo is no longer licensed to sell or broker California renters insurance for at least three years. The firm has given up its license for personal insurance in the state as a part of a settlement with California. The bank agreed to the settlement over allegations of signing unknowing customers up for policies. Aside from no longer being able to sell California renters insurance and life insurance coverage, the bank also…

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Mutual of Omaha lawsuit pushes insurer to cover patients taking Truvada

Logan B.
Mutual of Omaha - lawsuit

New applicants taking the HIV prevention medication had previously been denied policies. Mutual of Omaha settled discrimination allegations filed by the Massachusetts attorney general’s office. The insurance company has agreed to stop denying applicants who use HIV prevention medications such as Truvada. At the same time, the insurance company settled a second lawsuit in the state regarding a similar situation. In the second lawsuit, Mutual of Omaha settled with an unidentified man. The insurance company turned down the man’s long term care insurance application when he acknowledged that he took…

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