Buying a life insurance policy can be tricky business. The simple task of purchasing coverage that will provide your loved ones with money to cover your final expenses and beyond turns out to be a bit more complicated process.
In early August, shortly after the credit rating agency Standard & Poor’s lowered the United States credit rating to AA+ for the first time in history, many businesses, including life insurance companies, were threatened with similar downgrades. Staying true to its warning, S&P did indeed downgrade five large insurers by mid-August. Now that the life insurer ratings have [...]
When a person purchases a life insurance policy, they should feel confident that their families will be well taken care of financially after they’ve passed on. Policyholders can rest assured this is the case as long as insurance payments are made on time. However, many of these life insurance beneficiaries are unable to rest in [...]
American International Group (AIG) gave the U.S. Treasury Department $2.15 billion this week after completing the sale of a Taiwan unit. This brings the life insurance company that much closer to its goal of repaying the department completely for the bailout it received after the financial crisis.
A number of life insurance companies could lose their high ratings if the U.S. defaults on its debt, Standard & Poor’s warned recently. The credit rating agency has notified top insurers that their ratings are tied to U.S. ratings and therefore, could suffer if the U.S. defaults.
New York Attorney General Eric Schneiderman sent out subpoenas to nine leading life insurance companies last month. A source close to the matter told Reuters on Tuesday that the subpoenas sent addressed the companies’ practices in identifying and paying out policies to deceased customers.
Coventry First is suing an anonymous critic who posted fake tweets, making the company appear to cheer for the death of policyholders. The Fort Washington, Pa.-based secondary life insurance firm filed a lawsuit on Tuesday in Philadelphia federal court, accusing the critic of unfair competition and trademark infringement.
Dave Jones, California’s Insurance Commissioner, has stepped up his effort to investigate top life insurance companies. The top 10 companies in the industry, the commissioner says, have been accused of not properly paying death benefits to family members after policyholders have died, which is illegal.
John Hancock Life Insurance Co. has reached an agreement with nearly two dozen states to settle a dispute over how the Boston insurer pays life insurance policies and annuities. The move comes after 35 states and the District of Columbia audited the company, alleging that it abuses its policies and contracts, not paying properly after [...]
Life insurer AIG announced late Tuesday that it sold all of the holdings held in MetLife Inc., which helped it pay down its debt owed to the Treasury Department. The company also used a portion of money received from selling the American Life Insurance Company (Alico) to MetLife Inc. to pay $6.9 billion, which brought [...]
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