Insurers Rip Off Families of Fallen US Soldiers
donnay:
Insurers Rip Off Families of Fallen US Soldiers
Keep payouts in interest-bearing accounts and skim off profits
By Caroline Miller| Posted Jul 29, 2010 7:35 AM CDT
(Newser) – It turns out that insurers handling death benefits for American soldiers have got a sweet scam going that enables them to keep profiting from the money even after it is supposedly paid out to families. They tell bereaved relatives that they've opened a convenient, interest-bearing account for their money that's a nice, safe place to keep it and they give them a "checkbook." But it's not a normal checkbook, they don't open individual accounts for each soldier, and they skim off most of the interest the money is making—giving beneficiaries 1% while it's earning 4%.
The military families are getting less than half the interest they would in a normal account, Bloomberg reports. Not only that, the money held in these general corporate accounts at Prudential or MetLife, isn't insured by the FDIC. Prudential says they make it clear to military families that they can take their money out anytime they want, but an insurance law professor isn't impressed. “It’s institutionalized bad faith,” he says. “It’s turning death claims into a profit center.”
Read more: http://www.newser.com/story/96760/insurers-rip-off-families-of-fallen-us-soldiers.html#ixzz0v5a2espZ
NWOSCUM:
Nothing surprises me anymore. >:( Isn't it bad enough to send these innocent people into a perpetual war machine that has no intention of ever being stopped? But to profit from their deaths as well. Disgusting!!
chris jones:
profiteers come in all shapes and sizes, the one thing they have in common ,,,
they are blood sucking parasites.
larsonstdoc:
Quote from: chris jones on July 30, 2010, 05:46:43 AM
profiteers come in all shapes and sizes, the one thing they have in common ,,,
they are blood sucking parasites.
+1
There is never an end to the evil schemes of these blood-sucking insurers and other parasites.
chris jones:
Quote from: larsonstdoc on August 04, 2010, 11:05:02 AM
+1
There is never an end to the evil schemes of these blood-sucking insurers and other parasites.
These weasels have the attitude: in the first place it is evident the youths who joined the military are the poor and uneducated slum dwellers or simply moronic, therfor it goes to follow the familys are not the brightest lights on the tree and easy money $$.
Moral of the story, the bloodsuckers dont care one twit about the soldiers who gave their lives nor are they interested in the suffering and heartache of the familys. Its all about money$$$$.......
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