Posted on October 28, 2008 by elmike
“Frank Whitbeck, 61, the owner of the failed Signature Life Insurance Co. of Little Rock, Ark., entered a guilty plea to one count of mail fraud and was sentenced to six years in prison. He also was ordered to pay $3.8 million restitution and fined $12,000 He also faces three years’ supervision after completing his prison term. Whitbeck claimed his company had made secured loans, but according to the U.S. attorney’s office, he diverted the money to other business interests and himself.”
I just can’t believe this. All I can say is, welcome to America, home of the prisoners.
Filed under: Insurance News, Insurance Scam Watch, Life Insurance, What? | Tagged: insurance scandal, mail fraud, over-payment, prison, restitution | Leave a comment »
Posted on October 1, 2008 by elmike
A ULIP is a Unit Linked Insurance Plan (ULIP). It provides for life insurance where the policy value at any time varies according to the value of the underlying assets at the time. ULIP is life insurance solution that provides for the benefits of protection and flexibility in investment. The investment is denoted as units and is represented by the value that it has attained called as Net Asset Value (NAV).
ULIP came into play in the 1960s and is popular in many countries in the world. The reason that is attributed to the wide spread popularity of ULIP is because of the transparency and the flexibility it offers.
Filed under: Insurance News, What? | Leave a comment »
Posted on August 24, 2008 by elmike
And it’s not just workers’ comp or general liability carriers that have to cope with animal-related claims. Auto insurers should also be on the alert.
It’s not just workers’ comp or general liability carriers that have to cope with animal-related claims. Auto insurers should also be on the alert.
As one lady said:
“As an agent of only five years at the time, the strangest claim I had ever heard was when one of my insureds called to report an attack by buffalo to his van,” wrote Sue Vargovich, an agent with Effler Schmitt Company in Toledo, Ohio.
The insured had been driving through an animal safari, and the car in front of him had been feeding the animals before moving on, Ms. Vargovich wrote.
“It was then that several buffalo decided they were still hungry and started pushing the front of the vehicle, ramming and ramming until the hood and front end were damaged.” Luckily, she added, the insured was able to make his escape.
Hahahhahahaha I just had to laugh at this one.
Filed under: Hahaha, Just Weird, What? | Leave a comment »