• This person contacts their victims either in person or over the internet and offers to arrange auto insurance coverage at a rate much lower than what the victim is currently paying or has been quoted. During the first part of the scam, the con artist charges his or her victim a fee for this so-called service. The scam artist them collects information about the victims driving history, along with other personal details that in some cases have included financial information. During the second part of this scam, the con artist gathers information and quotes on the victims behalf from actual auto insurance companies. Instead of accurately reporting this information to these companies, however, the scam artist lies to the insurance company about the victims personal information and/or driving history.
    Source: http://www.examiner.com/article/car-insurance-scams

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  • Maretta filed a claim for the death benefit and collected the proceeds, and Jacqueline Hillman sued. Virginia law automatically revokes beneficiary designations to ex-spouses and lets the family of the deceased sue if an ex-spouse collects the proceeds as the named beneficiary. The Federal Employees' Group Life Insurance Act, which governs Hillman's group life policy, states that the death benefit must be paid to the named beneficiary. The Supreme Court ruled that the federal law pre-empts Virginia's law. "It's a very significant case," says attorney Daniel Ruttenberg, a partner at SmolenPlevy in Vienna, Va., who argued the case before the Supreme Court for Jacqueline Hillman. Federal Employees' Group Life Insurance "is the largest life insurance program by far in the world, so it affects millions of individuals." The case emphasizes the need to review and update beneficiary designations after major life changes. Yet many people, like Hillman, neglect to do so. "Divorce is such a hard thing to go through," Ruttenberg says.
    Source: http://www.foxbusiness.com/personal-finance/2014/02/11/spouse-right-to-life-insurance-money/

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  • (Tribune file photo / February 10, 2014) Maps Reuters 6:18 a.m. CST, February 10, 2014 CNA Financial Corp. said it wouldsell its life and group insurance business, on the same day thatparent Loews Corp. reported a bigger quarterly loss, hurtby impairment charges. CNA said it was selling the business, Continental AssuranceCo., to a subsidiary of Wilton Re Holdings Ltd, and was expectingto book an after-tax charge of about $220 million in the firstquarter of 2014. CNA said it expected net proceeds of about $615 million fromthe sale and a portion of this would be in the form of adividend from Continental.
    Source: http://www.chicagotribune.com/business/breaking/chi-cna-to-sell-life-and-group-insurance-units-20140210,0,6993576.story

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  • The award recognizes the outstanding service provided by phone sales teams whose job it is to support our life insurance and fixed and variable annuities. DALBAR rated the Allianz Life sales teams to be far superior to the industry in efficiency when answering questions and setting expectations. Allianz Life is also rated highly in positive first impressions - addressing each caller with a high degree of professionalism and respect. Financial Intermediary Service Award Allianz Life is one of six financial services companies to earn the Financial Intermediary Service Award. DALBAR recognized the service support given to financial professionals and customers with fixed and variable annuities as well as life and long term care insurance. DALBAR rated the Allianz Life contact center especially high for having knowledgeable representatives who answered questions efficiently and set the proper timing expectations. DALBAR , Inc., headquartered in Boston, Mass., is the nation's leading financial services market research firm.
    Source: http://www.cnbc.com/id/101398932

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  • Most auto policies are issued for six months or a year, says Robert Hunter, director of insurance for the Washington, D.C.-based Consumer Federation of America. Ideal times for checking out other carriers and their prices include when you move, when you buy a new car, or a month or two before your policy comes up for renewal. Compare auto insurance rates to get the best deal. You want to gather at least three rate quotes. In addition, you want to understand what's covered and how much protection you'd have from a new policy. It's important to ask about details such as the amount of liability protection, bodily injury protection and the kind of coverage provided if you're hit by an uninsured or underinsured motorist, notes Deeia Beck, the state insurance consumer advocate in Texas. If you'd rather have someone do the research for you, independent insurance agents are an option.
    Source: http://abcnews.go.com/Business/steps-switching-car-insurance/story?id=22397730

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