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Originally posted by TeslaandLyne
war dead insurance scam
Some of the hit summaries:
# Dead Vets' Families Accuse Insurer of $100 Million Scam ... Jul 31, 2010 ... WikiLeaks Founder Julian Assange on the 'War Logs': 'I Enjoy Crushing Bastards' · Dead Vets' Families Accuse Insurer of $100 Million Scam ... www.commondreams.org/headline/2010/07/31-1 - Cached
# Wall Street's Dead Soldier Problem | Mother Jones Jul 30, 2010 ... Insurance corporations have a new big-money scheme, and new marks: the survivors of America's war dead. ... families are particularly desirable targets for financial and insurance scams, since they're often young, ... motherjones.com/.../military-life-insurance-scam-fraud-prudential-metlife - Cached
# FOXNews.com - Ex-LA mortuary worker guilty of insurance fraud that ... Aug 2, 2010 ... Ex-LA mortuary worker guilty of insurance fraud that included cremating mannequin ... Textile Workers Assist in War Effort. August 02, 2010Mon, ... Is Bill Cosby Dead? No, But He'll Humor the Rumor to Push His iPhone App ... www.foxnews.com/.../ex-la-mortuary-worker-guilty-insurance-fraud-included-cremating-mannequin-cow/
There is a whole lot going on in insurance.
I always figure you buy the insurance and no one else knows
about it and ends up going to no one but the insurance company.
How many times does that happen.
The U.S. Veterans Affairs Dept. and the National Association of Insurance Commissioners say they are reviewing military life insurance arrangements.
"It's disgraceful on the part of insurance companies," Senator John McCain (R-Ariz.), a onetime prisoner-of-war in Vietnam, said in an interview on Bloomberg Television. "We'll obviously have to be looking into it."
Under scrutiny are so-called retained-asset accounts. More than 100 carriers use the accounts to earn income on $28 billion owed to beneficiaries. New York-based MetLife, the biggest U.S. life insurer, retains about $10 billion and was among the carriers subpoenaed by Andrew Cuomo, the New York Attorney General.
Many life insurance companies suggest to beneficiaries that as an alternative to taking a lump-sum payment of death benefits, they leave the bulk of the policy proceeds with the carriers.
The accounts were set up for beneficiaries such as Cindy Lohman of Great Mills, Md. Her 24-year-old son had been killed by a bomb in Afghanistan. Prudential and the other insurers give the recipients limited checkbook-like access to the funds and pay modest interest.
Meanwhile, the carriers can invest the money, obtaining a far higher return than what they offer to beneficiaries. Families often receive misleading guarantees about the safety of the accounts, which are held in corporate coffers, not in federally insured banks, Bloomberg Markets found.
A half-dozen members of President Barack Obama's Cabinet sit on an advisory council overseeing life insurance for military service-members. The last time the council met, in November, none of the Cabinet members attended the annual meeting. Aides accustomed to handling the issue for their agencies go as representatives.