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Lawsuit: Florida life insurers and unclaimed benefits, part 3

Mon May 27th, 2013 on     Insurance Claims,    

We have been talking about a lawsuit filed by an asset recovery company against several life insurance companies. At issue is how the companies track insureds and locate beneficiaries once an insured has passed away. Florida has been at the forefront of putting pressure on life insurers to implement more efficient and effective internal procedures.

Lawsuit: Florida life insurers and unclaimed benefits, part 2

Sat May 25th, 2013 on     Insurance Claims,    

What happens to life insurance proceeds if the beneficiary has no idea he is on the policy? This is not a philosophical question or open to an “if a tree falls in the forest” debate. The law anticipates that this will happen, and state agencies like the Florida Department of Financial Services and the Office of Insurance Regulation do what they can to enforce the laws.

Lawsuit: Florida life insurers fail to report unclaimed benefits

Thu May 16th, 2013 on     Insurance Claims,    

We have talked about the problem of unclaimed life insurance benefits before. In October 2012, for example, we posted about the state of Florida’s settlement with Nationwide Financial Services Inc. regarding its process for identifying insureds and notifying beneficiaries. Nationwide was the fourth life insurer to settle with the state, and consumer advocates and other states’ regulators praised Florida’s enforcement efforts.

One man’s trash is another man’s treasure

Tue May 14th, 2013 on     Insurance Claims,    

Every year, generally around tax time, people go through their paper files to clean out the old stuff and put in the new. Out goes the investment account summary from 2004 — the rule is seven years, right? Keep important papers and tax records for seven years, then shred them?

Citizens bill goes to governor … ‘stops the bleeding’ p2

Mon May 6th, 2013 on     Homeowners Insurance,    

Florida Gov. Rick Scott apparently had no reaction to the Citizens reform bill that landed on his desk last week. His office said only that he was “reviewing the proposal.” There was no hint that he was either disappointed or relieved that the rating methodology changes did not make it into the final bill. Legislators and homeowners alike will just have to wait to see what happens.

Insurance company sued for breach of faith, breach of contract 4

Thu Apr 25th, 2013 on     Bad Faith Insurance,    

This is the last post in our series about a breach of faith insurance claim brought by actor Keith Carradine’s ex-wife, Sandra Will Carradine, against her insurance company. She claims that she contacted her insurance company in 2006 when her ex-husband sued her. The insurer neither accepted nor rejected her claim until 2011, when it finally agreed to provide a defense. She is now suing the insurance company for the money she spent on her own defense during those five years.

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