Retroactive Application of California’s Life Insurance Notification Statutes The battle over the retroactive application of the 2013 amendments to the California Insurance Code (§§ 10113.71 and 10113.72) continues in California state and federal courts, even after the Court of Appeals’ October 2019 decision in McHugh v. Protective Life Insurance held that the amendments did not apply to policies issued prior to the 2013 effective date of the legislation. In the first two quarters of 2020, multiple new putative class complaints have been filed in California alleging that carriers failed to apply the amendments’ new grace period, lapse and termination notice, and third-party designation...
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Wink, Inc. Releases Second Quarter, 2020 Life Sales Results DES MOINES, Iowa, Sept. 9, 2020 /PRNewswire/ -- Wink, Inc. released the second quarter, 2020 life sales results in its 92 edition of Wink's Sales & Market Report. Wink's Sales & Market Report is the insurance industry's #1 resource for life insurance sales data, since 1997. Non-variable universal life sales for the second quarter were $642.0 million ; down 16.6% when compared to the previous quarter and down 27.5% as compared to the same period last year. Non-variable universal life (UL) sales include both indexed UL and fixed UL product sales. Noteworthy highlights for total non-variable universal life sales in the second...
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DES MOINES, Iowa, Sept. 9, 2020 /PRNewswire/ -- Wink, Inc. released the second quarter, 2020 life sales results in its 92 edition of Wink's Sales & Market Report. Wink's Sales & Market Report is the insurance industry's #1 resource for life insurance sales data, since 1997. Non-variable universal life sales for the second quarter were $642.0 million ; down 16.6% when compared to the previous quarter and down 27.5% as compared to the same period last year. Non-variable universal life (UL) sales include both indexed UL and fixed UL product sales. Noteworthy highlights for total non-variable universal life sales in the second quarter included Pacific Life Companies retaining the #1 ranking...
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Which Life Insurance Option is Right For You? Most people often aren’t too excited about spending money on insurance. As you plan out your finances, buying life insurance requires a little research and some basic know-how about the different types of life insurance. Most people often aren’t too excited about spending money on insurance, since they perceive it as money not spent on something enjoyable. Yet, insurance is a part of life. As a physician, you are likely supporting your family. And, if you die, your family will lose out on your time and attention. But life insurance can at least ensure that they won’t have to drown in bills without your financial support. As you plan out your...
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New study also shows digital options can increase likelihood to buy as Lincoln Financial Group offers new online interview tool. As a result of COVID-19, more than a third of consumers think life insurance is more important and a similar number say they have or are planning to purchase life insurance according to a new study from Lincoln Financial Group (NYSE:LNC). Additionally, the study found that digital options increase the likelihood to purchase life insurance — especially among younger consumers. While 29% of all consumers surveyed would be more likely to buy life insurance if they could do so completely electronically, that number jumped to 40% among millennials. To meet these...
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Private life insurance firm Tata AIA Life has launched ‘Express Claims’, a service where claims will be paid out within four hours of it being registered. In case of death claims, the nominee, as per the process, needs to file the claim by filling the form with the death certificate and the nominee’s KYC details like Aadhaar Card, PAN card and bank account number. Yusuf Pachmariwala, Executive Vice President and Head of Operations, Tata AIA Life said policyholder families will have immediate access, even within four hours, to the claims amount. For availing the express claim, the beneficiary has to visit the nearest branch with the necessary documents like the death certificate and nominee...
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OLDWICK, N.J.--( BUSINESS WIRE )--AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of Oxford Life Insurance Company (Oxford Life) (Phoenix, AZ), and its subsidiary, Christian Fidelity Life Insurance Company (Dallas, TX), which are collectively referred to as Oxford Group. The outlook of these Credit Ratings (ratings) is positive. Concurrently, AM Best has affirmed the FSR of B++ (Good) and the Long-Term ICR of “bbb” of North American Insurance Company (Madison, WI). The outlook of these ratings is stable. These companies are owned by the group’s ultimate parent, AMERCO [NASDAQ: UHAL], which is also the...
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NEW YORK--( BUSINESS WIRE )--New York Life announced today that Co-Chief Operating Officer Craig DeSanto, 43, has been elected president of America’s largest mutual life insurance company by New York Life’s Board of Directors, effective immediately. The role of president has been held by Chairman and CEO Ted Mathas, who assumed the role when former President John Y. Kim retired in 2018. Mr. DeSanto continues to report to Mr. Mathas. With his promotion to president, Mr. DeSanto will oversee all businesses of the company, including the Individual Life Insurance and Agency Distribution units, as well as Retail Annuities, New York Life Investment Management, and the company’s portfolio of...
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A new market intelligence report documentation has been added with extensive research elements, evaluating the diverse growth propellants in the Global Life Insurance Market. The report is a mindful representation of robust research activities undertaken by in-house research experts who have critically imbibed the output of various primary and secondary research endeavors in a bid to comprehend the impact of COVID-19 reflected upon the growth trajectory of the Life Insurance market. Owing to the sudden onset of dynamic macro-economic factors such as the outrage of COVID-19, the Life Insurance market has been thoroughly affected by the current developments, thus manifesting in a myriad...
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Verisk Launches Life Risk Navigator Software Platform Leading-edge life risk modeling suite now available in Life Risk Navigator Jersey City, NJ, July 20, 2020 (GLOBE NEWSWIRE) -- Verisk (Nasdaq: VRSK ), a leading data analytics provider, today announced the release of Life Risk Navigator , an innovative, cloud-based stochastic risk modeling platform that offers in-depth portfolio analytics which can enhance risk selection, quantify changes in mortality rate, improve hedging strategies, and drive better financial decision-making. The cutting-edge analytics provided by Life Risk Navigator are driven by Verisk’s Life Risk Models, a comprehensive set of probabilistic risk models that...
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