Americans have a lack of trust for insurance agents, leading them to purchase less coverage

Insurance plays a vital part in protecting people against accidents, catastrophes, and illnesses to make sure that they and their families do not suffer tremendous financial hardships should any of those circumstances occur. However, many are hesitant to obtain policies because they feel that they cannot trust an agent or insurer. In the United States, the number of individual life policies that are purchased every year has fallen by 45 percent over the last quarter century, even though the number of households that include children has risen by more than…

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Conseco Life rate increase shot down

Conseco Life rate increase shot down

A federal court judge in California has rebuked Conseco Life Insurance Co., ruling against them in a class action suit. The ruling will prohibit the insurer from tripling its rates on nearly 50,000 life insurance policies sold in the late 80’s into the mid 90’s. The decision was made on Wednesday. The case began in 2002, when the Indiana Department of Insurance voiced their worry about the insurers’ ability to manage itself appropriately. Conseco filed for Chapter 11 bankruptcy protection that year after it failed to acquire a competing insurance…

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