Life Insurance: What Happens If A Company Goes Bankrupt?
Question by winbig | Posted in Insurance
I currently have life insurance with AIG and this company almost went to bankrupt I believe? In general, what happens to people's life insurance money if the insurance company that holds the insurances go bankrupt?
Answer: In all 50 states there are pools of money set up by the different insurance companies for just this eventuality. For example, in the State of Ohio life insurance/annuity policyholder is covered up to $100,000. I cannot speak for the other states, but I'm sure the coverage is equal or better. However, in every case I've ever seen a bankrupt life insurance company has been taken over by another company who then honors the contracts.
How Many Insurance Companies Went Bankrupt In 2009?
Question by Drew P | Posted in Insurance
How many insurance companies went bankrupt in 2009? How many insurance mergers and acquisitions were there in 2009? How many insurance companies were bought and sold in 2009?
Any answers to these questions get voted the best answer!
Please site your information.
Best answer gets 10 points!
Thanks!
Answer: Amusingly enough, this information is listed in the June 2010 issue of Best's Review magazine, that I was just reading last night:
mergers, acquisitions, ownership changes: 149
state actions (forced liquidations): 7
They actually list all the name changes, acquisitions, liquidations, and new carriers by name, with the changes, broken down by p/c and l/a/h.
How Long Does It Take To Collect Insurance From A Bankrupt Company?
Question by TwiggyRamirez | Posted in Law & Ethics
I was an employee for a company that went bankrupt a year ago. A few moths ago I was given the right to sue by the EEOC. Is there a chance that any insurance money is still left if I get relief from stay?
Answer: Probably never, since the company is bankrupt.
If A Life Insurance Company Goes Bankrupt, What Happens To Whole Life Insurance Benefits?
Question by bellas | Posted in Insurance
My Dad purchased whole life insurance through AXA Equitable which is all paid for. What happens if the life insurance company goes bankrupt or their assets are under water like so many other financial institutions these days? Will the benefits still be payable?
I also think it's strange that he had to pay $700 more to this insurance company as an "adjustment"(?) recently even though the policy was fully paid for a long time ago. Is this normal?
Answer: If the carrier goes bankrupt, the policy gets transferred to another insurance company licensed to do business in your state. It happens ALL THE TIME, companies going out of business and policies being transferred.
Yep, that "adjustment" happens, and if the policy is actually not whole life, but a different kind of policy, it's going to start costing every year as the investment returns won't be enough to pay the premium every year. I'd suggest that the policy is not "paid up".
Unemployment Insurance Bankrupt In So Many States?
Question by fwf43 | Posted in Politics
How can this happen? If unemployment is at 8%, then that means employment is at 92%. So if unemployment insurance is being paid on 92% of the workforce, where is that money to fund unemployment benefits?
Will: I understand the insurance is paid into by the employer not the employee. The root of the question is, Unemployment Insurance is a fund much like SS. Have the polititians spent the money from Unemployment like they have spent the money from SS?
Answer: !. If you run out of unemployment you are not counted as unemployed. So the 8% figure is more like 16%. 2. Individuals don't pay into unemployment insurance. These are programs provided by the State and then the Federal governments. If tax revenues are down and they would be because the previous administration cut taxes. Then the State and Federal coffers would be down. These are among the many programs that are effected by tax cuts.
May 12, 2012 from Hadley Johnson
RT @: Any day that doesn't include receiving incomprehensible letters from my health insurance co that imply they may bankrupt me is a good day
Bankruptcy insurance | Travel and Tourism
by admin
Is not the idea behind the health insurance – security. For example, there is a way to “insure” against increasingly ill in the first place. You say you’re covered, but what if your health “situation” exceeds your policy limits.
Billionaire Warren Buffett sought to buy Residential Capital from Ally Financial Inc. (ALLY) before the government-owned company put the home lender in bankruptcy, according to three people familiar with the matter. Buffett assigned former hedge-fund
() - Wisconsin's insurance commissioner on Wednesday said he asked a state judge for permission to pay out about $800 million to policyholders of a unit of bankrupt bond insurer Ambac Financial Group Inc. Theodore Nickel, the insurance
By Russell Hubbard -- The Birmingham News Bankrupt Adams Produce said this week it needs insurance proceeds to get the ball rolling on unpaid wage dispute. (The Birmingham News/ Tamika Moore) BIRMINGHAM, Alabama -- Lawyers for bankrupt Adams Produce
is on track to drive the federal government into bankruptcy. It's not a question of if, but when. The book reveals how the Patient Protection and Affordable Care Act contains no provision to stop the increase in private health insurance premiums.
Dynegy Inc. (DYN)'s directors were sued by an investor claiming they wrongfully agreed to transfer power plants from a unit the company later put into bankruptcy to benefit billionaire Carl Icahn and other shareholders. Board members of Houston-based
@ @ @ : causes enough jamage to bankrupt all the major insurance companies.
Cheap Life Insurance #bankrupt 
RT @: Any day that doesn't include receiving incomprehensible letters from my health insurance co that imply they may bankrupt me is a good day
Billionaire Warren Buffett sought to buy Residential Capital from Ally Financial Inc. (ALLY) before the government-owned 
By Russell Hubbard -- The Birmingham News Bankrupt Adams Produce said this week it needs insurance proceeds to get the ball rolling on unpaid wage dispute. (The Birmingham News/ Tamika Moore) BIRMINGHAM, Alabama -- Lawyers for bankrupt Adams Produce
is on track to drive the federal government into bankruptcy. It's not a question of if, but when. The book reveals how the Patient Protection and Affordable Care Act contains no provision to stop the increase in private health insurance premiums.