Article Abstract:
The voluntary insurance industry certification group Insurance Marketplace Standards Assn (IMSA) have six principles of ethical market conduct which its members must comply with. The principles include high standards of honesty and fairness, cutomer-focused sales and services, active and fair competition, fair handling of complaints, honest advertising and review of marketing and sales. IMSA is yet to receive applications for membership but about 700 persons have already attended IMSA trainings. Assessment costs for IMSA membership may range from 10,000 to 250,000 depending on company size.
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Article Abstract:
The Health Insurance Portability and Accountability Act of 1996 provides tax benefit for terminally-ill individuals who owns life insurance policies. The law allows terminally-ill persons to sell life insurance policy to a viatical settlement company and exclude the sales proceeds from the gross income. With the legislative amendment, terminally-ill individual who owns life insurance policies may benefit even without the need of spending additional money on health care.
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Article Abstract:
Insurance companies are aggressively fighting lawsuits brought by policyholders. Direct insurers in the property/casualty sector likely spend over $1 bil per year on 'coverage litigation,' according to the American Insurance Association. Class action lawsuits can be particularly damaging for insurers as they often involve thousands of defendants.
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