Most major life companies are vigorously enforcing compliance standards with their sales agents
Article Abstract:
A number of major life insurance companies, including New York Life, have increased their scrutiny of the claims being made by their agents. This change in policy is a result of fines imposed on MetLife, Equitable and Prudential for misrepresentations made by agents. Life insurance has been sold as a tax-free retirement plan, and some agents engaged in churning. New York Life's Corporate Compliance Department is detailing what materials agents should present to clients to ensure that they are properly informed.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
Beyond technology: redefining the underwriting of older clients
Article Abstract:
The Case Research Protocol (CRP) is an alternative life insurance underwriting method for cases involving older clients where the traditional method has proved inadequate. Underwriting life insurance is more complex with older clients who are increasingly substantial investors in life insurance. Older clients' medical histories are generally more extensive than younger clients and medical technology often creates complexity and uncertainty in risk evaluation. A model for implementation of the CRP is presented.
Publication Name: Journal of the American Society of CLU & ChFC
Subject: Law
ISSN: 1052-2875
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
The law and economics of vanishing premium life insurance
Article Abstract:
Holders of vanishing premium life insurance policies are suing life insurers because premiums on the policies are still being required, but their chances of recovery are uncertain. The insurance companies cite lower interest rates as the reason the payments are still required. Class action plaintiffs will have a difficult time getting certified as a class and proving misrepresentation or breach. Courts finding liability should favor reliance damages over benefit of the bargain damages.
Publication Name: Delaware Journal of Corporate Law
Subject: Law
ISSN: 0364-9490
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Insurance companies should divest their tobacco investments. Tobacco money lights up Congress
- Abstracts: What price uniformity? Securing franchisee compliance with suggested retail prices. International franchising: suggestions for compliance
- Abstracts: When standards don't match, companies pay; compatible tech standards should be a key issue for both sides in contract negotiations
- Abstracts: Juries revalue wrongful deaths; lawyers say panels are rendering larger damage verdicts to survivors. Keeping a hand in: lawyers' holiday reading
- Abstracts: The Court and the corporation: jurisprudence, localism and federalism. Standing apart to be a part: the precedential value of Supreme Court concurring opinions