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July 2012 Archives

Life insurance claims denied, families of vets sue feds, Prudential p3

We have been talking about life insurance and the Armed Forces. A group of four families has taken the U.S. Department of Veterans Affairs and Prudential Financial Inc. to court over payment of life insurance benefits. The defendants say the deceased family members, all former active duty military, were not covered because they did not complete the appropriate paperwork.

Life insurance claims denied, families of vets sue feds, Prudential p2

We are continuing our discussion of a federal lawsuit filed against the U.S. Department of Veterans Affairs and Prudential. The insureds in the suit were veterans of the Armed Forces who committed suicice. Their families believe their suicides were the result of Post Traumatic Stress Disorder. They also believe that the VA and Prudential should have paid on the veterans' life insurance policies. The VA and Prudential disagree.

Life insurance claims denied, families of vets sue feds, Prudential

In a lawsuit filed in federal court, four families of military veterans claim that the Department of Veterans Affairs and Prudential Insurance owes them restitution. While we often -- perhaps too often -- come across complaints that an insurer has failed to pay a life insurance claim, there is more red tape to this case than to most. And there is red tape that Florida's military families should know about.

Citizens' rate hikes not met with open arms or open wallets

Executives and board members of Citizens Property Insurance Corp. may not have gotten the reception they hoped for at a recent public hearing. Florida's state-backed insurance company told the crowd at the Miami meeting that rates will go up again next year as the company struggles to address its shaky financial position. Citizens officials will meet with state regulators next week to finalize changes to homeowners, renters, condominium and mobile home rates.

Report: Insurers 'tune' claims software to pay less for injuries, p. 2

In our last post, we were discussing a report about computer-based claims systems. The author alleges that the software allows insurers to underpay claims, especially auto and property insurance claims for bodily injury. Companies market the software as a tool to help insurance companies be more consistent in evaluating injury claims, according to the report. The more consistent the payouts are, the more consistent the rates will be. In the end, the theory goes, everyone will save money.

Report: Insurers 'tune' claims software to pay less for injuries

A consumer advocacy group published a report last month that provides some valuable insight into auto and property insurance companies and how they process claims. The author focused specifically on a brand of claim evaluation software that is widely used in the insurance industry. He maintains that the software saves money by ensuring that the insurance company underpays claims, especially bodily injury claims.

House, Senate extend National Flood Insurance Program to 2017

Congress has passed a National Flood Insurance Program renewal bill that will not expire in 90 days. The program was set to expire at the end of July. With this new measure, Florida residents will not have to worry about gaps in coverage until Sept. 30, 2017. The bill also included several reform measures long sought by insurance companies, brokers and agents.