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Thread: Life Insurers Skimp on Payouts: States

  1. #21
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    [QUOTE=Come Back to NY;4015258]yes- who can compare to your all-knowing knowledge of everything...everyone/anyone you disagree with is arrogant or condescending....:rolleyes:

    but once again good to see you stay on topic....:thumbup:[/QUOTE]

    LOL. Balding and cheesey stache man. LOL

  2. #22
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    [QUOTE=cr726;4015290]LOL. Balding and cheesey stache man. LOL[/QUOTE]

    ah yes.... the internet stalker strikes again with his favorite past-time... all the while parasiting off American taxpayers...:yes:

    but i'm off to post with others on the football forum- no chance in hell anyone will ever see you there...:P
    Last edited by Come Back to NY; 04-29-2011 at 10:35 PM.

  3. #23
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    [QUOTE=Come Back to NY;4015299]ah yes.... the internet stalker strikes again with his favorite past-time... all the while parasiting off American taxpayers...:yes:[/QUOTE]

    LOL, you promote yourself constantly. I have a very good friend who produces at SNY. LOL

  4. #24
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    [QUOTE=JetPotato;4014346]If these contracts were broken, we have a court system to ensure they are fulfilled.

    Now going forward: Let me ask you, if you're a person looking to buy life insurance, and you read which companies are doing this, will you consider buying a policy from them in the future?

    :rolleyes:[/QUOTE]

    I hold an insurance license and can tell you I have NEVER EVER heard of a Life Insurance company not paying. The customers heirs/family have a responsibity to alert the insurance company of his/her death. The company doesn't "LOOK" for dead people.

    How is this different than social security checks being paid after death when the government isn't told of the death or the IRS not sending a refund check becausea final returnj wasn't filed????
    Last edited by southparkcpa; 04-30-2011 at 10:08 AM.

  5. #25
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    The world would be a much better place if there we no insurance companies.

  6. #26
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    Insurance companies not doing the right thing?

    I'm shocked.

  7. #27
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    [QUOTE=FF2®;4015686]Insurance companies not doing the right thing?

    I'm shocked.[/QUOTE]

    Except in Long Island!

  8. #28
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    [QUOTE=southparkcpa;4015615]I hold an insurance license and can tell you I have NEVER EVER heard of a Life Insurance company not paying. The customers heirs/family have a responsibity to alert the insurance company of his/her death. The company doesn't "LOOK" for dead people.

    How is this different than social security checks being paid after death when the government isn't told of the death or the IRS not sending a refund check becausea final returnj wasn't filed????[/QUOTE]

    CPA, don't try to be logical with PK and cr. You'll frustrate yourself and they won't understand. Ultra left liberals. Pus they'll accuse you of being a collaborator because you do evil taxes and deal with the government.

  9. #29
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    [QUOTE=cr726;4015148] Awesome stuff oh bloated one. [/QUOTE]

    Bloated?

  10. #30
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    [QUOTE=southparkcpa;4015615]I hold an insurance license and can tell you I have NEVER EVER heard of a Life Insurance company not paying. The customers heirs/family have a responsibity to alert the insurance company of his/her death. The company doesn't "LOOK" for dead people.

    How is this different than social security checks being paid after death when the government isn't told of the death or the IRS not sending a refund check becausea final returnj wasn't filed????[/QUOTE]

    This is how it its different.

    [URL]http://online.wsj.com/article/SB10001424052748703907004576279422582814608.html?mod=WSJ_hp_LEFTWhatsNewsCollection[/URL]


    Re: the latter point, my late mother in law received her last SS check the 1st week of the month she died, she died on the 27th of a 30 day month, the family notified SS within a few days-not only was the next month SS
    unpaid but the gov't clawed back the PREVIOUS month SS payment, claiming she didn't live the whole month and that was a requirement. See-the government can be efficient when its aware of dead Americans with paid in SS.

  11. #31
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    [QUOTE=Jungle Shift Jet;4016134]This is how it its different.

    [URL]http://online.wsj.com/article/SB10001424052748703907004576279422582814608.html?mod=WSJ_hp_LEFTWhatsNewsCollection[/URL]


    Re: the latter point, my late mother in law received her last SS check the 1st week of the month she died, she died on the 27th of a 30 day month, the family notified SS within a few days-not only was the next month SS
    unpaid but the gov't clawed back the PREVIOUS month SS payment, claiming she didn't live the whole month and that was a requirement. See-the government can be efficient when its aware of dead Americans with paid in SS.[/QUOTE]
    Was Hancock notified of the death???? Can't tell, but it appears not. I have never seen ANY life company not pay when presented with a death certificate.

    A policy will continue to be paid from cash value if premiums are missed. The policy holder must notify the company to collect. That is what the contract calls for.

  12. #32
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    [QUOTE=southparkcpa;4016385]Was Hancock notified of the death???? Can't tell, but it appears not. I have never seen ANY life company not pay when presented with a death certificate.

    A policy will continue to be paid from cash value if premiums are missed. The policy holder must notify the company to collect. That is what the contract calls for.[/QUOTE]

    If insurers use Social Security database(s) to learn of the death of owners of annuities to stop paying on retirement-income contracts they can't avoid the same data when they owe money to life-insurance beneficiaries.

    Again, A lot of folks write wills or buy life insurance without informing the beneficiaries. It's not comforting to know that when these people die, some insurers honor their wishes by not informing the beneficiaries, either.
    :rolleyes:

  13. #33
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    [QUOTE=Jungle Shift Jet;4016799]If insurers use Social Security database(s) to learn of the death of owners of annuities to stop paying on retirement-income contracts they can't avoid the same data when they owe money to life-insurance beneficiaries.

    Again, A lot of folks write wills or buy life insurance without informing the beneficiaries. It's not comforting to know that when these people die, some insurers honor their wishes by not informing the beneficiaries, either.
    :rolleyes:[/QUOTE]

    So life companies have to be a mommy too? What you imply would never work in real life. Just like the IRS has millions in unclaimed checks. Impossible to track everyone etc....

    I can't defend a company, I simply stated that I have NEVER seen an insurance company not pay when notified. You now want it to be their responsibility to search for the dead? We disagree.
    Last edited by southparkcpa; 04-30-2011 at 05:50 PM.

  14. #34
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    [QUOTE=southparkcpa;4016933]So life companies have to be a mommy too? What you imply would never work in real life. Just like the IRS has millions in unclaimed checks. Impossible to track everyone etc....

    I can't defend a company, I simply stated that I have NEVER seen an insurance company not pay when notified. You now want it to be their responsibility to search for the dead? We disagree.[/QUOTE]


    My experience is not only do insurance companies pay BUT they add interest to the payment for any lag between date of death and date of check.
    If a person doesn't inform heirs of his intentions - a will or other document (even with a sealed document), the insured IS STUPID!
    It's all about personal responsibilty and common sense.

  15. #35
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    [QUOTE=palmetto defender;4017835]My experience is not only do insurance companies pay BUT they add interest to the payment for any lag between date of death and date of check.
    If a person doesn't inform heirs of his intentions - a will or other document (even with a sealed document), the insured IS STUPID!
    It's all about [B]personal responsibilty and common sense[/B].[/QUOTE]

    of course...but blaming someone else has become the American way.

  16. #36
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    [QUOTE=southparkcpa;4016933]So life companies have to be a mommy too? What you imply would never work in real life. Just like the IRS has millions in unclaimed checks. Impossible to track everyone etc....

    I can't defend a company, I simply stated that I have NEVER seen an insurance company not pay when notified. You now want it to be their responsibility to search for the dead? We disagree.[/QUOTE]

    Companies today proactively scan gov't death records to stop paying annuities. Once they know someone's dead they can't plead ignorance of a policyholders death to not pay out death benefits.

    Keep in mind the community of policyholders for any ins. company is a lot smaller than the US government, also that an insurance co usually is run far more efficiently than the govt. AIG was an exception to the rule.

    Besides, its not on my say-so whether an ins. co has to search for dead policyholders-states like CA are mandating they do so

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