The widow of a banker whose employer fired him and then collected on a life insurance policy when he died has settled her lawsuit against the employer for an undisclosed amount.
Irma Johnson sued Amegy Bank after she discovered because of a post office error that the bank received $4.7 million when her husband died of brain cancer in 2008. Dan Johnson had been diagnosed with the terminal cancer before the bank bought policies on him and more than 40 other bankers in 2001, according to her lawsuit.
Amegy fired Dan Johnson a few months after it purchased the policies.
The industry refers to such life insurance as “dead peasant” policies. They provide tax benefits for employers who take out the insurance, and a windfall if the covered employee dies, typically without paying anything to surviving family members.
In her lawsuit, Irma Johnson asked for the net proceeds Amegy received, $3.8 million — the death benefit minus the premiums Amegy paid. Under terms of the settlement Thursday, neither party disclosed its details.
“We settled to the mutual satisfaction of both parties,” Amegy Bank spokeswoman Leigh Akin said.
Johnson's lawyer, Mike Myers of McClanahan Myers Espey, also said only that both sides were satisfied.
Sunday, January 10, 2010
Insurance market to grow fast in coming years
The "Vietnam's Insurance Sector Forecast To 2010" report, according to the report, Vietnam’s insurance market, one of the fastest growing markets in the world, has expanded rapidly over the past few years.
The life insurance market in Vietnam seems very promising as the country has a population of over 85 million people, with only eight life insurers. Thus, life insurance market can prove to be a boon for foreign life insurers.
The report forecasts that during the 2008-2010 period, Vietnam ’s insurance industry would grow at a Compound Annual Growth Rate (CAGR) of around 22 percent; life insurance is projected to hit a CAGR of about 12.1 percent; and non-life insurance industry is expected to grow at a CAGR of 29 percent./.
The life insurance market in Vietnam seems very promising as the country has a population of over 85 million people, with only eight life insurers. Thus, life insurance market can prove to be a boon for foreign life insurers.The report forecasts that during the 2008-2010 period, Vietnam ’s insurance industry would grow at a Compound Annual Growth Rate (CAGR) of around 22 percent; life insurance is projected to hit a CAGR of about 12.1 percent; and non-life insurance industry is expected to grow at a CAGR of 29 percent./.
Becoming Familiar with Life Insurance Death Benefit Essential,
No one likes to think about it, but a proper life insurance policy is essential to anyone who wants to make sure their loved ones are provided for even after they themselves have passed on. But to design the right life insurance policy, individuals have to familiarize themselves with all the aspects of life insurance policy, including the most important of details, the death benefit.
According to a new InsuranceAgents.com article, "Life Insurance Death Benefit: What It Is And How It Works," a death benefit is what the policyholder's family (or other beneficiary) gets when the policyholder has passed away. This money can help the surviving family members make ends meet during a time of intense grief. They can pay their bills, any debts left behind by the policyholder, mortgage payments, or even just pay for college.
"Remember that the first obligation of a life insurance policy is to ease the burden of your debts and financial requirements that your family must face upon your passing," the article states. "If you so choose and have the means to do so you can include extra benefits to continue or improve your family's lifestyle."
The death benefit can be a lifesaver during an emotional time. There are two ways the death benefit can be awarded to the beneficiary(s):
• One lump sum in the amount of the life insurance policy
• A series of periodic payments in the form of either a fixed or variable annuity
To determine the appropriate amount for a death benefit, individuals should contact their local life insurance agent. The death benefit amount will be based on the individual and family's personal lifestyles and situation. For more information, or to receive free life insurance quotes, visit InsuranceAgents.com.
According to a new InsuranceAgents.com article, "Life Insurance Death Benefit: What It Is And How It Works," a death benefit is what the policyholder's family (or other beneficiary) gets when the policyholder has passed away. This money can help the surviving family members make ends meet during a time of intense grief. They can pay their bills, any debts left behind by the policyholder, mortgage payments, or even just pay for college.
"Remember that the first obligation of a life insurance policy is to ease the burden of your debts and financial requirements that your family must face upon your passing," the article states. "If you so choose and have the means to do so you can include extra benefits to continue or improve your family's lifestyle."
The death benefit can be a lifesaver during an emotional time. There are two ways the death benefit can be awarded to the beneficiary(s):
• One lump sum in the amount of the life insurance policy
• A series of periodic payments in the form of either a fixed or variable annuity
To determine the appropriate amount for a death benefit, individuals should contact their local life insurance agent. The death benefit amount will be based on the individual and family's personal lifestyles and situation. For more information, or to receive free life insurance quotes, visit InsuranceAgents.com.
Subscribe to:
Posts (Atom)