Buy this domain.
MetLife, Prudential Sued Over Handling Of Unclaimed Life Insurance Benefits | cialis online

MetLife, Prudential Sued Over Handling Of Unclaimed Life Insurance Benefits

AddThis Social Bookmark Button

MetLife and Prudential are facing whistleblower lawsuits over how they handled unclaimed life insurance benefits. The lawsuit seeks over $1 billion in damages on behalf of Illinois State and was filed January 2011.

The lawsuit alleges that the insurance giants did not hand unclaimed life insurance policies to Illinois’ abandoned property department, said The Wall Street Journal. The lawsuit was just unsealed by a Cook County, Illinois state-court judge.

Life insurers are typically mandated to pay claims after receiving notification of policyholder’s death and a valid death certificate. If a beneficiary does not claim a death benefit on his/her own, insurance companies can utilize the Social Security Administration’s “Death Master,” a database of all Americans who die. The database is meant to better ensure death benefits are paid to rightful beneficiaries.

While it is has long been known that insurance companies use the Death Master for other aspects of their business—such as to cease annuity payments when a recipient dies—insurers are also known to ignore database information when it comes to their having to pay out claims, noted NewsInferno

The plaintiff in this case, Total Asset Recovery Services LLC of Auburn Hills, Michigan, an investigative firm specializing in unclaimed-property searches, alleges that its use of public records and detective work led it to find that from 1988 to 2010, MetLife and Prudential neglected to transfer 4,766 policies valued at $524.3 million to Illinois, and that both insurers “knew or should have known” these policies were overdue for transferring as abandoned property, explained The Journal. The lawsuit also alleged that MetLife and Prudential committed “massive fraud” by not transferring the policies.

MetLife told The Journal that the lawsuit “vastly overstates” the dollar figures on the policies involved and Prudential declined to comment; however both companies say they obey state unclaimed-property laws, exceeding contractual requirements in their policies and that they are cooperating with the investigations.

« »

Leave a Reply

You must be logged in to post a comment.




Defective Johnson & Johnson Depuy ASR Hip Implants

The Johnson & Johnson Depuy ASR Hip Implant is suppose to last 15 years, but can fail in only a few years after surgery. Victims with faulty hip implants endure excruciating pain, pain in the groin, death of tissue in the hip joint and loss of surrounding bone. GET ALL THE FACTS NOW! CLICK HERE!

CAT Scans Radiation Exposure

If you had a CT or CAT scan and now have a band of missing hair, skin reddening or any other problems possibly related to a radiation overdose, you may have been exposed to much radiation due to incorrect settings on these machines. CONTACT US TODAY!

Water Contamination From Fracking

Hydraulic Fracturing of Fracking a way to extract natural gas from shale is contaminating water supplies across the country. Get the facts to keep your drinking water safe for your family.

Overexposure to PCBs

Many people unknowingly have been exposed to high levels of PCBs. Recently 3 schools in NY City were found to have dangerous levels of PCBs throughout. Many workers for Monsanto, General Electric, and Westinghouse were exposed to high levels of PCBs. PCBs are a dangerous toxic substance that doesn't break down easily and can cause chloracne, bleeding and neurological disorders, liver damage, spontaneous abortions, malformed babies, cancer, and death. GET THE FACTS!
Overexposure to

Great Photography

Tallis Photo, the number one photographer for great corporate, wedding, and special occasion photos. CONTACT US TODAY!

Poligrip Lawsuit

Super Poligrip or Fixodent May Cause Nerve Damage. 800-LAW-INFO

Personal Injury Lawyer Nassau County

If you or someone you love was injured CONTACT US TODAY!

Nursing Home Blog

When a loved one is abused at a nursing home, it is time to take action. STOP nursing home abuse!

Car Accident Lawyer Nassau County

If you or someone you love was injured in an auto accident CONTACT US TODAY!

Suffolk County Auto Accident Lawyer

If you or someone you love was injured in an auto accident in Suffolk County, NY CONTACT US TODAY!

Don't Be Denied Veterans Benefits

If you or someone you love was denied veterans benefits CONTACT US TODAY!

Oil Rig Spills Lawyer

Oil Rig Spills harm the environment and cause heavy losses to coastal game and fishing industries, as well as a loss of waterway usage, resulting in a loss of income to individuals and businesses, and a loss of beach front usage. Don't let a spill cause you harm, CONTACT US TODAY!

Whistle Blower

Stand up and say what you think is right. See something, say something.