American Life Insurance-one of the Most Trusted Company

American Life Insurance the most trusted company which has a reputation of about 87 years. This company is one of the globally recognized life insurance companies and it has a number of branches all over the world which has a vast customer line following. American Life Insurance gives various tax benefits to all its insurance policy holders and it also takes care of all your life insurance related policies like retirement insurance policy, wealth management policy, medical insurance, health insurance etc.

Life insurance basic terms as you know is an important factor in every person's life and when it comes to life insurance age is not the main criteria when it comes to get your life insured. American Life Insurance also known as AIG insurance company and majority of Americans has insured themselves with this life insurance company. The market value of this company is high and you can find the companies ratings in the financial books due to their vast financial transactions with other financial institutes.

There are two major life insurance policies that this AIG Insurance Company deals with i.e. the Term Life Insurance and Whole Life Insurance. In case of Term Life Insurance the policy taken is for a short period of time and Whole Life Insurance is where you get yourself insured for your whole life.

AIG insurance company is one such life insurance company that charters to the needs of the common person. One of the benefits of getting insured in this life insurance company is that you reap a rich harvest of life insurance benefits on all your life insurance policies which no other life insurance company provides you as this company provides you with the benefits when you are still alive.

This life insurance company in order to increase its relationship with their vast flowing customer's have started life insurance online services which has made it easy and convenient for them to get themselves and their family members insured staying within the very comforts of their own house. AIG Insurance is one of the most sought of companies and it is a tough competitor to other life insurance companies.

Legislation seeks to protect seniors from insurance fraud

Gov. Jon S. Corzine signed legislation this week giving consumers a 10-day right to cancel annuity contracts without penalty and requiring licensed annuity sellers to follow marketing and disclosure guidelines.

Known as the Predatory Annuities Prevention Act, the legislation is based on three national model regulations.

An annuity is a contract between a consumer and an insurance company or other entity. The consumer makes a lump-sum payment or series of payments, and in return, the insurer agrees to make periodic payments beginning immediately or in the future.

The bill prohibits those who sell annuities from falsely representing their expertise on marketing materials or risk loss of license. In addition, annuities salespeople are required to fill out disclosure forms that clearly outline the important facts of the purchase to the buyer, the investment objectives and contract terms. The buyer then has a 10-day right to cancel with no financial penalty.

"With nearly $15 trillion dollars invested by people over the age of 50 in this nation, the senior population is very dependent on their investments yet susceptible to disingenuous investment practices. This important bill, spearheaded by our friends at the AARP and embraced by committed legislators, seeks to protect unsuspecting New Jersey seniors from dangerously risky annuities," the governor wrote in a statement.

In the past few years, some insurance companies have been sued over their marketing of annuities, and consumers have alleged they were misled about the products, tricked into overpaying for annuities that eventually paid them much less than expected.

The governor's office estimates Americans lose about $10 billion each year in fraudulent investments.

"This bill will prevent unscrupulous insurance brokers from using inaccurate puffed-up titles such as 'elder financial expert' to describe themselves when selling annuities to seniors," Department of Banking and Insurance Commissioner Steven M. Goldman said.

Primary sponsors of the legislation include state Sens. John H. Adler,
D-Camden, and Robert W. Singer,
R-Burlington, Monmouth, Ocean, Mercer, and Assemblywoman Nilsa Cruz-Perez, D-Camden, Gloucester.

For consumer tips on all types of annuities, visit the Securities and Exchange Commission at:

www.sec.gov/investor/pubs/
varannty.htm

or the Financial Industry Regulatory Authority at:

www.finra.org/Investors/
ProtectYourself/
InvestorAlerts/index.htm

FINRA, the largest nongovernment regulator for all securities firms in the U.S., was created in July 2007 through the consolidation of the National Association of Securities Dealers and the New York Stock Exchange's member regulation, enforcement and arbitration functions.

Consumer Action will respond to each properly submitted letter about a problem or question, either in this column or by letter or phone. Letters must include copies - not originals - of all relevant documentation and a name, address and phone number at which you can be reached. Send letters to: Consumer Action, The Press, 11 Devins Lane, Pleasantville, NJ 08232.

http://www.pressofatlanticcity.com/

Two men plead gulty to insurance fraud

The two admitted crashing a dealers car in 1998 to collect insurance compensation.
Two men accused of setting up a fake accident on the A7 in Murcia in December 1998 in order to collect 6,200 € insurance money, admitted the charge in the Murcia Provincial Court yesterday.
The admission meant that the case against the men no longer needed to continue.

They admitted that one of them crashed and wrote off a showroom car being test driven on purpose alone, but then claimed that it had been hit laterally by the other driver. The two then filed a ‘friendly’ insurance claim, and received 6,200 € in compensation.

They money now has to be repaid, and each have been fined 720 € and handed down a suspended year prison sentence.

http://www.typicallyspanish.com

Taxi driver charged with arson and insurance fraud in Torrevieja

A 34 year old Ecuadorian man also died in the house fire the man is alleged to have planned with the victim.
A local Spanish taxi driver from Benijófar, with the first name of Miguel and owner of the property which saw a fire on September 16 in which a 34 year old Ecuadorian man died, has been arrested by the police. He is accused of planning the fire with the man who died in order to collect the insurance money. Both men are reported to have money problems.

Sources close to the case are reported to say the man faces charges of setting the fire and of fraud, but it is unclear if he will face any further charge given the death of the Ecuadorian.

Instruction Court 2 in Torrevieja extended his detention on remand yesterday after taking his first statement.

http://www.typicallyspanish.com