What Is Insurable Interest?

What Is Insurable Interest?

Insurable interest means that the person who is purchasing the policy has more to lose than to gain by the insured’s death and therefore may purchase a life insurance contract on somebody else’s life. This is intended to prevent a person purchasing a policy unknowingly on another person for purposes of wagering, planned murder, or any other reason.

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Phishing Schemes Target Seniors

Phishing Schemes Target Seniors

If you’re a senior, there’s an army of criminals targeting you and estimates from the Federal Trade Commission say one in five seniors fall victim to their fraud operations. The scams come in a variety of flavors. Using “social engineering” methods and sophisticated online data-phishing techniques, the scammers see one thing when they contact a Little Old Lady From Pasadena – a ready victim. Experts estimate, in New York state alone, a half-million New York…

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The Incontestability Clause of Your Life Insurance Policy

The Incontestability Clause of Your Life Insurance Policy

Regardless of the life insurance policy you decide to purchase, every policy will contain a safeguard called the “incontestable clause” geared towards financially protecting the insurance company. The National Association of Insurance Commissioners Standard Policy Provisions Model Act and the laws based upon it requires that every single policy contains an incontestable clause, which is a provision that makes the life insurance policy incontestable by the insurer after it has been in force for a…

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Stranger Originated Life Insurance Is Illegal

Stranger Originated Life Insurance Is Illegal

There is no reasonable circumstance that would justify an insurance company issuing an annuity to someone who is terminally ill or in severely poor health, and that’s according to LISA, the Life Insurance Settlement Association. But regardless of that stance, it’s a trending scheme among those engaged in insurance fraud. Agents involved in these schemes will seek terminally ill individuals to sell an annuity for a value so small it is worth the consideration for many….

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