A New York and New Jersey Lawyer Who Represents Policyholders and Beneficiaries in Life Insurance Denial Cases

Category Archive for 'Consumer Fraud'

A recent WSJ article highlighted a persistent problem that I have previously noted on this blog: universal life insurance policies that become unaffordable for insureds, lapse due to insufficient funds, and leave their estate planning in shreds. The article is by Leslie Scism who writes about the industry for the Journal. Really, it should be […]

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Reuters┬áreports that New York insurance regulator Benjamin Lawsky has launched an investigation into indexed universsal life insurance products. These are life insurance policies that invest the cash value in index funds such as the s&P 500. The issue is with how the policies are marketed to the general public, as it is suspected that prospective […]

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Currently, we are in a period of low interest rates that is unprecedented in our nation’s economic history. That is, I think it’s unprecedented. I’m a lawyer, not an economist, so I don’t possess that type of financial knowledge and don’t know if that statement is really true. I suppose I could fact-check it on […]

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This month a panel of the Appellate Division, Third Department, upheld a rule promulgated by the New York State Department of Financial Services that requires New York insurance brokers and agents to disclose to consumers whether they receive incentives or other compensation from insurance companies. The decision is matter of Sullivan Financial Group. v. Wrynn. […]

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The Wall Street Journal recently reported that two of the largest life insurance companies in the U.S., MetLife and Prudential, have been sued for over $1 billion due to unclaimed life insurance policies they avoided handing over to the Illinois abandoned-property department. The plaintiff is Total Asset Recovery Services LLC of Auburn Hills, Michigan, a […]

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The Third Circuit Court of Appeals in Mendez v. American General Life Insurance Company has upheld a New Jersey District Court’s denial of a $1.2 million life insurance policy to a widow because her husband failed to disclose a cancerous brain tumor in his reinstatement application. The policy was initially issued in December 2006. Due […]

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As I’ve previously reported, life insurance companies have been getting heat for not paying death benefits on unclaimed life insurance policies after the insured has become deceased.┬áThis has been a large-scale problem that involves an estimated $1 billion in total benefits. The Wall Street Journal reports that insurers, feeling pressure from regulators and negative publicity, […]

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Hot off the presses! The New Jersey Law Journal has published an article written by yours truly entitled: “Does the Consumer Fraud Act Apply to First-Party Insurance Claims?” It’s an interesting issue for you New Jersey insurance aficianados out there. The federal courts have come out with diverging opinions and the New Jersey Supreme Court […]

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Hurricane Irene did not cause the devastation and loss of life that was initially predicted, but still, some areas experienced extreme flooding and property damage. One such area is New Jersey, where I am licensed to practice law (along with New York and Massachusetts). Here are some tips for those who suffered property damage from […]

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These days, Wisconsin seems to have lined up squarely against the little guy. First, there was the controversy surrounding Gov. Scott Walker’s effort to end collective bargaining for public employees, and now the state Insurance Commissioner, Ted Nickel, has rejected a proposal to make insurance policies more clearly written, and easily understandable, for consumers. The […]

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