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American General launches new universal life product
American General Life Cos. says its new universal life insurance product, ContinUL, offers “affordable” death benefit coverage with secondary guarantees and flexible features allowing customization....
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Court rules Pa. city, not insurer, must pay death settlement
Citing the “employee injury exception” in an insurance policy, a federal appeals court has overturned the ruling of a lower court that Scottsdale Insurance Co. must pay claims related to the 2005...
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Lincoln Financial enhances hybrid variable UL product
Lincoln Financial Group recently launched Lincoln VULONE (2010), a hybrid product combining the no-lapse benefits of a universal life policy with the growth potential and protection of a variable...
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Life insurers to get $1.5 million back after Fla. man faked his death
A Florida man must pay $1.5 million to two life insurance companies after being convicted of a conspiracy charge connected to his faked death on a family trip to Malaysia in October 2003. Vij Misir,...
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Congress, don’t tax life insurance death benefits
Congress definitely should not tax the $57.5 trillion in death benefits paid out from life insurance each year, according to the latest IFAwebnews.com poll. A total of 81% of respondents to the poll...
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California issues subpoena to MetLife over unpaid death benefits
California’s insurance commissioner and state controller are investigating how MetLife handles its payment of death benefits, exploring practices they say “are not isolated, but are systemic in the...
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N.Y. orders life insurers to use death master file
The New York State Insurance Department is requiring all life insurance companies operating in the state to report any death benefits that have gone unpaid because the insurers did not use the official...
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Republicans introduce bill to end congressional death gratuities
Seven Republican congress members introduced a bill (H.R. 3127) that would prohibit the payment of death gratuities to the surviving heirs of deceased members of Congress. The U.S. government now pays...
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N.Y. says probe links $52 million in death benefits to beneficiaries
A New York investigation into life insurers failing to match life insurance policies against master files of deaths has resulted in more than $52.6 million in payments to 7,934 beneficiaries. In its...
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N.Y. says $262 million in death benefits paid to found beneficiaries
A New York investigation into how insurance companies track life insurance policyholders and their beneficiaries resulted in more than 32,000 payments totaling $262.2 million, more than four times its...
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MetLife to pay $600 million to consumers in ‘landmark’ settlement
A group of six states reached a $40 million “landmark” settlement today (April 23) with nine MetLife insurance companies that might return about $600 million to consumers nationwide. Kevin McCarty The...
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N.Y. forces life insurers to seek out beneficiaries every three months
New York has instituted new regulations requiring all life insurers marketing in the state to regularly search a government database of recent deaths, seeking deceased policyholders so beneficiaries...
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Insurers should dig deeper for life policyholders’ beneficiaries
A strong majority of people believe that insurance companies should work harder to find the beneficiaries of life insurance policyholders who die, according to the latest IFAwebnews.com poll. Exactly...
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Agents must adapt to life insurers’ new unclaimed property mandates
Never before has there been such drastic change in the life insurance industry in regard to unclaimed property. Traditionally, life insurance policies for which there have been no death claims, but...
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Va. woman jailed after making false life insurance claim – again
A retired reservist in the Virginia Air National Guard was sentenced to 3 1/2 years in prison for falsely collecting life insurance benefits by forging death certificates for the third time. Vickie T....
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