60 Minutes on Sunday. Tune In.

[Cornelius]

This should be interesting. I wonder to what extent they will name names?

Insurance industry under investigation - CBS News

 

[DHK]

Old news, different state.

Two additional insurers agree to appropriate use of Death Master File

 

[Brian Anderson]

Its 60 Minutes - they'll name names. Bit of an old issue as tons of companies have settled unclaimed benefits cases already in recent years, but now states are increasingly taking steps like Florida’s new law (takes effect July 1-link below) and requiring PROACTIVE steps to notify beneficiaries, which was always passive before.

But this is the first time I’ve heard the accusation about the apparent practice of drawing down cash values even after they know the policyholder has died – that’s a new one for me and I bet the 60 Minutes story will use that angle to level an uppercut at the industry.

New law aims to help beneficiaries on life policies collect their cash quicker - Story | abcactionnews.com | Tampa Bay News, Weather, Sports, Things To Do | WFTS-TV

 

[Glen Shelton]

This should be interesting. I wonder to what extent they will name names? Insurance industry under investigation - CBS News

Is this really a surprise to anyone?

As DHK said "Old News"

 

[ModernInsurance]

Wait, you mean we can't keep the deceased insured's money?!? That's not fair!

 

[Derrick]

They say 25 companies, but is there a list of the 25 companies anywhere? Or the 35 other companies still not settled? Can't seem to find it on Google.

 

[DHK]

Wait, you mean we can't keep the deceased insured's money?!? That's not fair!

What these insurance commissioners are saying, is that it's up to the companies to contact the deceased beneficiaries... not the beneficiaries to contact the companies.

And it's actually one less thing for an agent to worry about... considering the high failure rate and lack of pro-active service culture in this industry.

 

[ModernInsurance]

DHK, I was only being facetious. I think this is the right move as it's well within reason to believe that sometimes, beneficiaries simply are unaware there had been a policy in place.

 

[Mattschmidt]

this was discussed in other insurance forums weeks ago. old news indeed

 

[WinoBlues]

DHK, I was only being facetious. I think this is the right move as it's well within reason to believe that sometimes, beneficiaries simply are unaware there had been a policy in place.

We just got notice on one were part of the money went to a guy in a Kentucky prison. Guess that will buy him a bunch of honey buns.