Is Your E&O Paid Up

[xrac]

Wouldn'y you hate to be the agent that sold this policy....do you think he filed replacement forms? Do you think his E&O is paid? How far will $1,000,000 E&O go in a case like this? This is why an agent should be honest.

Slain Greenwich Developer's Widow Won't Get Insurance Money


Slain Greenwich Developer's Widow Won't Get Insurance Money -- Courant.com

 

[dgoldenz]

I'm sure the agent in question will be having fun defending himself into bankruptcy.

 

[jaugusta]

OK, the agent is in trouble, but what about the underwritre? A police that large should have jsut as large underwriting am I right? I mean if they can find out about COPD on a policy with a face value of $5,000 you think they could find out about all that stuff on that guy on a policy that large.

 

[SportsNut]

Interesting situation. Had he not made the arrangements for his own demise, the x-wife may have had a better case. Pretty much the same thing as suicide, which unquestionably isn't covered within the first 24 months. An appeal would be futile here.

One point that caught my eye was the fact that The Hartford missed the business right in their own backyard. NWML swooped in and took the prize... (sort of). So I guess they will now have to refund the prem to the estate of the dipstick that had himself snuffed. Wow, you just can't make stuff like this up, can you...?
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Do you think his E&O is paid? How far will $1,000,000 E&O go in a case like this?

E&O isn't going to pay either IF the agent knew the gig of the drugs and mental illness of the insured, as alledged. If true, this was neither an error nor an ommission, and E&O does NOT cover fraudulent activity. The widow will lose again on this challenge. Drat the bad luck... it seems that her only stroke of luck was she got rid of him. Cruel, but true, from the way it sounds.

 

[insuranceexec]

OK, the agent is in trouble, but what about the underwritre? A police that large should have jsut as large underwriting am I right? I mean if they can find out about COPD on a policy with a face value of $5,000 you think they could find out about all that stuff on that guy on a policy that large.

He died within the two year contestability period. The applicant and agent had an obligation to provide accurate information. Why would the UW be in trouble? He assessed the information based on what s/he was given.

 

[kuhn123]

Interesting situation. Had he not made the arrangements for his own demise, the x-wife may have had a better case. Pretty much the same thing as suicide, which unquestionably isn't covered within the first 24 months. An appeal would be futile here.

One point that caught my eye was the fact that The HartfordNWML missed the business right in their own backyard. swooped in and took the prize... (sort of). So I guess they will now have to refund the prem to the estate of the dipstick that had himself snuffed. Wow, you just can't make stuff like this up, can you...?
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E&O isn't going to pay either IF the agent knew the gig of the drugs and mental illness of the insured, as alledged. If true, this was neither an error nor an ommission, and E&O does NOT cover fraudulent activity. The widow will lose again on this challenge. Drat the bad luck... it seems that her only stroke of luck was she got rid of him. Cruel, but true, from the way it sounds.

This really is a crazy case. I was just watching a whole story bout it, CNBC ran it as part of their "American Greed" series. It has not yet been proven if he did arrange his own death yet, I was wondering how that would play out with a suicide clause. Is that really suicide? But I guess that doesn't matter now since they arlredy denied the claim due to fraudulent medical information.

His brothers case, getting wacked by his wife while they were lving in Hong Kong is even more bizzare. Your right though Sports nut, there must be novelist sitting around somewhere thinking """DOH!!, Why didn't I think of that, it would have been a great book!"""""

 

[Freddie]

Wouldn'y you hate to be the agent that sold this policy....do you think he filed replacement forms? Do you think his E&O is paid? How far will $1,000,000 E&O go in a case like this? This is why an agent should be honest.

Slain Greenwich Developer's Widow Won't Get Insurance Money


Slain Greenwich Developer's Widow Won't Get Insurance Money -- Courant.com

Oh this is pretty famous. The Kissel family is somewhat cursed. His brother Robert Kissel was killed by his wife Nancy in 2003. Robert had worked for Merrill in Hong Kong in theri distressed asset division. He was a pretty big wheel pulling down $3 m a year. His wife killed him with a poison milk shake. His fortune was estimated at $18 million and they had 3 young kids.

Search on web for "Nancy Kissel trutv.com" for the detailed story. She claimed he was a batterer.

 

[Joe Moore]

OK, the agent is in trouble, but what about the underwritre? A police that large should have jsut as large underwriting am I right? I mean if they can find out about COPD on a policy with a face value of $5,000 you think they could find out about all that stuff on that guy on a policy that large.

I agree. The underwriting department has to be negligent with this case. For a $15 million policy, they would normally track almost every day of a persons life.

Would have had to do blood and urine. No drugs in blood and urine? I would think not.

 

[insuranceexec]

I agree. The underwriting department has to be negligent with this case. For a $15 million policy, they would normally track almost every day of a persons life.

Would have had to do blood and urine. No drugs in blood and urine? I would think not.

Since the policy was within the 2 year contestability period, and the applicant lied on the application; how in the world is the UW liable?


Unless the drugs did show up in his system and the UW issued it anyway. Please explain.

 

[jaugusta]

Since the policy was within the 2 year contestability period, and the applicant lied on the application; how in the world is the UW liable?


Unless the drugs did show up in his system and the UW issued it anyway. Please explain.

Because the UW should have done ther part BEFORE the policy was issued and checked in to everything.