Man Sentenced For Stealing Life Insurance Premiums
A former insurance life insurance agent of Suffolk, Virginia has been sentenced to two years in prison for pocketing a policyholder’s premiums for eight years.
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Life Insurance Fraud Can Cost Millions
Virginian Danny Marks, 41, has been sentenced to two years and two months in prison for his plot to defraud life insurance companies out of millions of dollars, WAVY-TV reports. Marks’ brother Mitchell was sentenced to 10 years in prison last week on related charges.
Read MoreStranger 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….
Read MoreThe Most Common Types of Life Insurance Fraud
Life insurance fraud costs the industry hundreds of millions of dollars each year, and it can burden family members with an agonizing set of circumstances. It often involves deceiving family members or business partners, and among those horrors, it translates to higher rates for honest policyholders. In once case, a woman and her husband found that their son had somehow managed to change the ownership names and beneficiary on a life insurance policy. She and…
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