National Underwriter Life & Health Magazine May 2012

So Much for Trust

By Allison Bell

The Federal Disability Insurance Trust Fund doesn’t really have a long-term outlook. The trustees of the DI Trust Fund tell us in an annual report that the fund ended 2011 with just $154 billion in assets, down 15% from the asset total it had a year earlier.

Scrounging for Dollars

By Arthur D. Postal

Let’s pause for a second. The announcement April 24 by state regulators of a settlement with Metropolitan Life of its unclaimed property practices, coupled with an announcement that the settlement could include the return of perhaps $700 million either to policy beneficiaries or to the states, raises more questions than...

Getting Clarity from the Carriers

By Warren S. Hersch

Amid the onslaught of media coverage respecting Glenn Neasham’s conviction for selling an annuity to a 83-year-old senior diagnosed with Altzheimer’s Disease, many of our readers are asking how they can guard against a similar fate. One place to look for guidance, clearly, is your annuity carrier.

An F in Economics

By Michael K Stanley

In late March I wrote a small article entitled “College Seniors Don’t Know the ABCs of IRAs,” which focused on Jeff Rose, CEO of Alliance Wealth Management and his experience speaking to a crowd of soon-to-be college graduates.

Dick Clark (1929-2012)

By Bill Coffin

There comes a point when people become so successful in their chosen profession that they rise to the status of living legend. And then, there are those few who transcend even that, and become something even more influential, almost like a force of nature. And then, above that, stood Richard...

MetLife Faces at Least $500M Unclaimed Property Settlement

By Arthur D. Postal, Elizabeth Festa

The insurance departments of Illinois, Florida, New Hampshire, North Dakota, and Pennsylvania joined in the negotiations with MetLife, according to California insurance commissioner Dave Jones and Kevin McCarty, NAIC president and Florida insurance commissioner.

EIA Market Likely to Survive Aviva Exit

By Arthur D. Postal

The indexed annuities market is likely to easily find capacity to replace Aviva if the second largest factor in the equity-index annuity market decides to shrink or change its role in the U.S. insurance marketplace.

The Hartford Life Must Reduce Premiums, Issue Credits Totaling $24 Million

By Elizabeth Festa

THE Hartford Life Insurance Co. agreed to issue credits totaling $24 million to about 30,000 customers of accidental death and dismemberment services, Benjamin Lawsky, superintendent of the New York Department of Financial Services (DFS) announced last month.

Lots of Confidence in Life Insurers

By Warren S. Hersch

Three in four Americans have confidence in life insurance companies and nearly 9 in 10 own individual life insurance, according to a new survey.

Humana to Refund $600,000 to Missouri Health Care Providers

One of the nation’s largest health insurance companies will refund more than $600,000 to Missouri health care providers, under a settlement with the state Department of Insurance. John M. Huff, Missouri’s insurance director, today announced that Humana Insurance Co. and Humana Health Plan LLC will make the payments after improperly...

PPACA: Energy and Commerce Eyes CO-OPs

By Allison Bell

Republicans at the House Energy and Commerce Committee are asking for evidence that organizers of the new “CO-OP” program cooperative health insurers can pay back CO-OP startup and solvency loans.

LTCI Hearing: All Politics is Personal

By Allison Bell

The Federal Long Term Care Insurance Program (LTCIP) played a direct role in shaping thinking at this week’s Senate hearing on long-term care (LTC) financing.

Transamerica Employee Benefits Partners with LifeLock, Inc.

By Michael Stanley

Transamerica Life Insurance Company has, through its Transamerica Employee Benefits (TEB) marketing unit, partnered with LifeLock, Inc. to provide identity theft protection through employee benefits in order to give employers and employees peace of mind.

Low Savings Among Workers to Cover Medical Expenses

By Warren S. Hersch

More than half of workers in the Tampa Bay-St. Petersburg area have less than $1,000 in savings to cover unexpected medical expenses, according to new research.

Senate Benefits Staff Promotes LTCI Program

By Allison Bell

If staffers in the U.S. Senate show a little more interest in long-term care insurance (LTCI) issues this year, that could because their own benefits office has helped educate them about the topic.

Americans in Denial about Likelihood of Accidents and Serious Illnesses

By Warren S. Hersch

Six in ten workers say it’s not very or not at all likely that they or a family member will be diagnosed with a serious illness like cancer, according to a new report.

The Right Fit

By Michael Stanley

The saga of Glenn Neasham has elicited passionate responses on both sides of the aisle. A word that gets thrown around when discussing his sale of the MasterDex 10 Annuity from Allianz (MasterDex) to a then 83-year-old, dementia-stricken Fran Schuber is “fair”. You are either of the belief that what...

Who will be the next Glenn Neasham?

By Elizabeth Festa

Lake County, California, is said to be known for a few things besides having the state’s largest freshwater contained lake—pear production, bird watching, wineries, recent meth lab busts and Glenn Neasham, the convicted insurance agent who thought, he claims, he was selling a good product to a competent senior.

Mega-Millions? Meh.

By Bill Coffin

I really don’t like gambling. The thought of winning, for me, is more than offset by the knowledge that I’ll probably just lose my money with nothing to show for it. This is why I decline invites even to nickel-dime-quarter poker games, why I consider scratch-off lotteries to be a...