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Archive for May 2011

Philly Police Kill Man Who Allegedly Stabbed Insurance Agent

Authorities have identified the fatal stabbing suspect fatally shot by Philadelphia police over the weekend.

The Philadelphia Inquirer reports officers shot and killed 22-year-old Eric Radcliff because he lunged at them with a knife as they tried to take him into custody on Saturday. Read the rest of this entry »

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Written by lordsinsurancelog

May 31, 2011 at 10:06 pm

Posted in Insurance News

A lid on health insurance rate increases

Opponents of a bill that would allow state regulators to reject unreasonable increases in health insurance premiums are stepping up their attacks on the measure, contending that it would push premiums even higher and make healthcare less available. These arguments are a smokescreen, and lawmakers shouldn’t lose sight of the need to give consumers of health insurance the same protection they have in auto and homeowners’ policies.

One allegation is that the bill — AB 52, sponsored by Rep. Mike Feuer (D-Los Angeles) — would enrich the consumer advocates who challenge proposed rate increases. That charge is based on the bill’s requirement that insurers cover the “reasonable” fees and costs incurred by advocates who make a “substantial contribution” to the ruling by regulators or the courts. The same perfectly sensible language is inProposition 103, the initiative that empowered state regulators to reject excessive automobile, property and casualty insurance rates. Read the rest of this entry »

Written by lordsinsurancelog

May 31, 2011 at 10:06 pm

Posted in Insurance News

Man faked worth in alleged insurance scam

Gilbert Eastin’s finances have fallen steeply from 2008, when the West Bloomfield man’s net worth was estimated at more than $2.5 billion. It was a dubious claim that would have made him richer than pizza baron Mike Ilitch — and wealthier than Detroit Lions owner William Clay Ford and auto magnate Roger Penske combined, good for 144th place on the Forbes list of richest Americans, sandwiched between Walmart and Hilton heirs.

Eastin, 82, is being sued for more than $2 million in U.S. District Court in Detroit, accused of inflating his net worth to obtain millions of dollars in life insurance. He’s accused of committing fraud and persuading John Hancock Life Insurance Co. to issue $50 million worth of life insurance policies.

Insurance industry experts say the allegations appear to match a pattern of fraud emerging nationwide. Senior citizens are recruited to inflate their net worth while applying for insurance and then transfer the policies to investors in exchange for money. The investors pay the premiums and cash in when the seniors die.

There have been more than 100 such lawsuits over so-called stranger-originated life insurance, or STOLI, policies filed nationwide in the past four or five years, said Steven Brostoff, spokesman for the American Council of Life Insurers in Washington, D.C. Read the rest of this entry »

Written by lordsinsurancelog

May 31, 2011 at 10:06 pm

Posted in Insurance News

Memorial Day Weekend


(source & recipe)

Yessssssssssss! It’s Memorial day weekend – a 3 day weekend – so that means its time to break out the Hawaiian shirt and relax. I’m not too sure what to do with this post really so it’ll be a cluster of Memorial Day-related goodness!

  • For you Southern California folks looking for something to do this weekend, head on over to this website to find a local event.
  • Visit this website or read the Wikipedpia page to learn about the history of Memorial Day.
  • Each year on Memorial Day a national moment of remembrance takes place at 3:00 p.m. local time.
  • Here is a beautiful video about Memorial Day – with an interview with a Veteran.
  • For you shoppers, look around for Memorial Day deals. Here are some you can take advantage of: Read the rest of this entry »

Written by lordsinsurancelog

May 27, 2011 at 6:31 pm

Posted in Lords Insurance

Pictures of the Day

Written by lordsinsurancelog

May 27, 2011 at 6:31 pm

Posted in Daily Quip

Calif. Tops Nation in Cargo Thefts

California tops the nation as the state with the most cargo thefts, according to the National Insurance Crime Bureau, which recently issued its “2010 National Cargo Theft Report.”

NICB identified 747 cargo thefts across the nation in 2010 with an estimated loss value of $171 million. Cargo theft can occur at anytime and anyplace while goods are in transit between shipper and destination, regardless of transport mode. Although most thefts are from freight moving primarily by truck or rail, intermodal and air freight are susceptible as well, NICB explained.

California recorded 247 cargo theft incidents, followed by Texas (91), Florida (66), Illinois (56), Tennessee (40) and Georgia (39). Electronics were most often the theft target (139 thefts) followed by food (108) and clothing (73). The month of February saw the most thefts with 113 followed by August (78) and June (76). Read the rest of this entry »

Written by lordsinsurancelog

May 27, 2011 at 6:31 pm

Posted in Insurance News

Pictures of the Day

Written by lordsinsurancelog

May 25, 2011 at 5:40 pm

Posted in Daily Quip