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The final reason life insurance isn’t a scam is an unfortunate reality: some people die unexpectedly. These tragedies occur regardless of the person’s financial preparedness and can devastate ...
Faked deaths: In this type of life insurance scam, the insured pretends to have died in order to collect the death benefit, either for themselves or a beneficiary. This fraudulent activity often ...
The internet has made it easier than ever to shop for and buy life insurance, but this added convenience requires a bit of caution. Criminals are out there committing life insurance fraud, and if...
Officials of the company lied about the life expectancy of the policyholders to the investors, bribing a doctor to sign off on their statements. It operated as a ponzi scheme, using new investors money to pay premiums on older life insurance policies, pay a return to earlier investors, and provide lavish salaries and benefits for the company's ...
Insurance fraud refers to any intentional act committed to deceive or mislead an insurance company during the application or claims process, or the wrongful denial of a legitimate claim by an insurance company. It occurs when a claimant knowingly attempts to obtain a benefit or advantage they are not entitled to receive, or when an insurer ...
On 9 October 2023, the company announced an agreement where S. USA Life Insurance Company, Inc., an affiliate of Prosperity Life Group, will acquire National Western in an all-cash transaction valued at approximately $1.9 billion. [6] The merger was completed in July 2024 with its stock being delisted from the Nasdaq. [7]
A new type of insurance scam, the STOLI, preying on the elderly, has begun to spread from the geriatric heartlands of Arizona and Florida. The Stranger-originated life insurance (STOLI) scam works ...
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