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You could end up a dead peasant

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posted on Jan, 10 2010 @ 07:48 PM
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HOUSTON — Irma Johnson never really thought of herself as a crusader.

But the quiet widow from The Woodlands has been featured in a Michael Moore movie, watched her story retold on “Good Morning America” and is trying to let others know that their employers may have purchased secret insurance policies on their lives and stand to profit handsomely when they die.

The industry darkly refers to the policies as “dead peasant” life insurance.

And but for a post office error, Johnson might not have learned that when her husband, Dan Johnson, died of brain cancer in 2008, the bank that had fired him years earlier got $4.7 million in insurance proceeds on his life.

Source

So how do you feel about knowing that some employer may purchase secret insurance policies on your lives and would stand to profit handsomely when you die ?

Even more troubling , the report goes on to say ...

" What's especially upsetting, Johnson said, is that her husband couldn't buy life insurance to protect his own family once he found out about his cancer. Yet his employer could, she said."



[edit on 10-1-2010 by Max_TO]




posted on Jan, 10 2010 @ 08:33 PM
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Banks have purchased hundreds of billions of dollars of “bank owned life insurance” on the lives of their employees. The policies typically remain in effect years after an employee leaves the bank, Myers said.


I am flabergasted that this is legal.www.mysanantonio.com...

It seems the bank was a little red faced upon discovery by the widow and split the proceeds.



posted on Jan, 10 2010 @ 08:39 PM
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This is interesting, but not surprising, after all...we are stocks on the stock market. Look on your social security card or original Birth Cert to find your "stock" number.

You can look up how much you're worth...

Peace



posted on Jan, 10 2010 @ 08:42 PM
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How the hell could the bank even get insurance on someone known to have brain cancer?

Great post, yet another benefit to being a banker that is denied to the average "peasant" American. And how telling that they even call us peasants. A little bit of truth coming out that we normally dont get to hear spoken openly.



posted on Jan, 10 2010 @ 08:45 PM
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Originally posted by Illusionsaregrander
How the hell could the bank even get insurance on someone known to have brain cancer?

Better yet, how did they give him brain cancer so they could collect the millions?

Hmmm.



posted on Jan, 10 2010 @ 08:52 PM
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reply to post by Mr Mask
 


Not a bad point.

If you can insure employees already likely to die, why not just speed it up a little for them if the company is a little short of petty cash this month?

Amazing. Really, amazing. Not to mention that they are allowed to take such HUGE policies out on someone. Normally, the insurance company limits it based on salary. Kinda makes you wonder whats in it for the insurance companies to be willing to pay out so big on the "peasants."



posted on Jan, 10 2010 @ 08:59 PM
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reply to post by Max_TO
 





You could end up a dead peasant


Good post!

For all that matters, most of us are already halfway there, lol.



posted on Jan, 10 2010 @ 09:23 PM
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If you sit down in any casino to play Black Jack you will know that Insurance is a bet. When the dealer’s face up card is an Ace they offer it to the whole table in case the dealer has blackjack.

They say it’s a sucker’s bet, and I never take it but many people do.

I like to tease friends who are flying on airplanes before they depart that it’s a high threat terrorism day and hand them a 5 dollar bill and ask them to buy one of those accidental air insurance policies out of the machine and name me a beneficiary before they get on the flight.

Insurance really is nothing but a bet, a gamble you will get sick or die.

Human beings love to wager, including on other human beings.

Sadly insurance also drives up the cost of health care and keeps people from just paying cash out of their pockets what the market price of services should be.

The AIG and Fannie Mae and Freddie Mac bailouts cost taxpayers a fortune, all those companies do is offer insurance, which is nothing but a gamble.

Usually it’s set up that the house will win over time but as the recent bailouts have shown even the house can run into a string of bad luck.

Yep on slave planet earth there is always a game on somewhere.

Sadly we are it!



posted on Jan, 10 2010 @ 09:27 PM
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Dear God there's more ..

They're known as "dead peasant" policies — secret life insurance policies taken out on unwitting employees — and they've ignited a forest fire of litigation that won't die down.

Since emerging several years ago, dead-peasant policies have landed numerous employers in court, accused of profiting off the deaths of rank-and-file employees. More recently, the insurance industry and banks have been dragged into the legal morass, both accused of illegally benefiting off these policies, formally known as corporate-owned life insurance policies (COLI).

In Oklahoma, a federal judge recently ruled that employees have legal grounds to sue an insurance company for selling and maintaining secret life insurance policies on their lives. The plaintiffs claim that the insurance company unlawfully misused their names, Social Security numbers and other personal information to market and sell their product. Havenstrite v. Hartford Life Ins. Co., No. 4:2008cv00410 (N.D. Okla.).

Insurance companies are also facing lawsuits by their own clients — disappointed buyers, such as Wal-Mart Stores Inc., which is suing AIG Life Insurance Co. and Hartford Life Insurance Co. over COLI policies gone bad. Claiming losses of more than $150 million, Wal-Mart claims the defendants failed to warn the company of the inherent dangers of buying COLI policies. Wal-Mart v. AIG Life Insurance, No. 579 (Del.). Officials at AIG and Hartford Life were unavailable for comment. Barry Chasnoff of Akin Gump Strauss Hauer & Feld, who is representing Hartford Life, declined comment, citing company policy.

Next on the list: banks

Banks, meanwhile, are next on the list of dead-peasant lawsuit targets. Two law firms in Texas say they are on the brink of announcing lawsuits against major players in the banking industry accused of taking out life insurance policies on low-level employees, such as tellers, without consent or, in some cases, informed consent. The firms claim that nearly half of all U.S. banks have reported owning bank-owned life insurance (BOLI) policies on employees, at an estimated value of $120 billion.

Source


Is it just me , or is there something terribly wrong with this ?



posted on Jan, 10 2010 @ 09:35 PM
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Here is some hope ....

Employers Betting On Your Death
They are called "dead peasant" policies -- secret life insurance policies taken out on unwitting employees -- and they have now triggered civil litigation.

In Oklahoma, a federal judge recently ruled that employees have legal grounds to sue an insurance company for selling and maintaining secret life insurance policies on their lives. The plaintiffs claim that the insurance company unlawfully misused their names, Social Security numbers and other personal information to market and sell their product. Havenstrite v. Hartford Life Ins. Co., No. 4:2008cv00410 (N.D. Okla.). If you have been a victim of a "dead peasant" policy, contact our employment lawyers today.


Source

Now how does one go about searching to see if they have " been a victim of a "dead peasant" policy " ?



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