Report Lists Top Ten Worst Insurance Companies

Report Lists Top Ten Worst Insurance Companies

Posted by Nick DiCello
Friday, July 18, 2008 4:57 PM EST

And the winner is… Allstate Insurance Company! Congratulations to Allstate for topping the list of the worst insurance companies in the United States. According to a recent report published by the American Association for Justice (“AAJ”), a pro-consumer assocaition of civil justice attorneys, Allstate is the “poster child for insurance industry greed.”

The AAJ Report lists the ten worst insurance companies in order as 1) Allstate; 2) Unum; 3) AIG; 4) State Farm; 5) Conseco; 6) Wellpoint; 7) Farmers; 8) United Health; 9) Torchmark; and 10) Liberty Mutual. The AAJ’s rankings and Report are based on a comprehensive investigation of thousands of court documents, SEC and FBI records, state insurance department investigations and complaints, news stories and accounts, and the testimony and depositions of former insurance agents and adjusters.

The Report explains each ranking by exposing and detailing some of the deplorable conduct on behalf of each insurer. A recurring theme throughout the report is these insurance companies’ clear interest in profits over the interests of their insureds, even in times of horrific human tragedies and devistation. Allstate’s CEO said it best: these insurance companies’ “obligation is to earn a return for [their] shareholders.” At least Allstate’s CEO has the nerve, or audacity, to openly admit this.

Next time you are watching any type of television program, count how many insurance company commercials you are forced to endure. As you are counting, listen to the fraudulent message being marketed by the companies on this list. For example, “you’re in good hands” (Allstate),”like a good neighbor, State Farm is there” (State Farm), “the strength to be there” (AIG), just to name a few. These insurance companies tout their reliability. They capitalize on our fear of the unknown. Knowing they are really selling us nothing, they emphasize the peace of mind we are purchasing. However, as the AAJ Report details with pinpoint precision and irrefutable examples, these companies are in the business of avoiding and undervaluing the payment of legitimate claims. By and large, these insurance companies are making false promises and represent the antihesis of the morality and virtues they extoll.

Fortunately, it appears the tide may be turning and increasingly these type of insurance companies are being exposed and held accountable. For example, last week a Las Vegas jury returned a verdict against Paul Revere Life Insurance Company and Unum Provident and awarded $60 million in punitive damages for pervasive fraudulent claims handling practices. Unum and Paul Revere generated huge profits from their fraudulent claims handling processes. These practices are beginning to be exposed, however, and Unum and Paul Revere’s 15-year scheme of cheating disabled people will not be tolerated, as was evident from the jury’s verdict.

Find this article at:
http://cleveland.injuryboard.com – “HERE”

FERRIER INTERNATIONAL sharing the news and keeping you informed. Remember its your decision & choice we just share the news.

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CORRUPTION COSTS $120 BILLION ANNUALLY

Corruption Costs Russia $120 Billion Annually

Moscow News

Corrupt officials are siphoning off $120 billion dollars a year from the government’s national budget according to a senior government prosecutor. This is approximately a third of the $376 billion dollar budget for 2008, highlighting the magnitude of the task facing President Dmitry Medvedev, who has pledged to take steps to eradicate corruption.

We “will work on improving legislation to counter corruption. This is important for changing life in Russia for the better” Medvedev told an audience in Germany last week.

Tackling corruption has been made one of the priorities for the new administration as it a significant drain on the economy. The extra expense of bribes is a disincentive for people starting new businesses and investing money. Russian businessmen spend $33 billion dollars a year on bribing officials according to Information Science for Democracy, an NGO dedicated to developing democratic institutions in Russia.

In 2007, Russia was ranked 143rd out of 179 by the Corruption Perceptions Index by Transparency International, which ranks countries from least to most corrupt. This survey found that 17 percent of respondents said they had paid bribes in order to receive a service.

Neil Cooper of the Russo-British Chamber of Commerce highlighted corruption and bureaucracy as two

of the main concerns of investors. However, at the moment “the positives of investing in Russia far outweigh the negatives,” he added.

At a board meeting on Friday, Alexander Bastrykin, the chairman of the Investigation Committee at the Russian Prosecutor General’s Office, said “In the first quarter of this year, the Investigation Committee opened over a thousand criminal probes into bribe taking, compared to only 2,067 for the whole of 2006.”

He added that around 16,000 corruption related crimes had been reported so far this year. The number of reported incidents was up 9.4 percent for the first three months of this year compared to 2007, although the detection rate for corruption related crimes is also on the rise.

The issue of tackling corruption has been focused on at the St. Petersburg International Forum. In his opening address, President Medvedev pledged a war on corruption and measures to strengthen the judicial system and ensure the supremacy of law.

Last month a Counter Corruption Council was set up, which the President will chair. The overriding aim is “to establish an independent judicial system that corresponds to the level of economic development,” according to Medvedev.

Another measure set to be implemented is a database of property details, which will help prevent tax evasion.

“There already is a database on what property people own but we are talking about streamlining it to make it easier to use and see what people own by synchronizing what different agencies and ministries already have,” Justice Minister Alexander Konovalov told Reuters on Saturday. We “will work on improving legislation to counter corruption. This is important for changing life in Russia for the better” Medvedev told an audience in Germany last week.

Tackling corruption has been made one of the priorities for the new administration as it a significant drain on the economy. The extra expense of bribes is a disincentive for people starting new businesses and investing money. Russian businessmen spend $33 billion dollars a year on bribing officials according to Information Science for Democracy, an NGO dedicated to developing democratic institutions in Russia.

In 2007, Russia was ranked 143rd out of 179 by the Corruption Perceptions Index by Transparency International, which ranks countries from least to most corrupt. This survey found that 17 percent of respondents said they had paid bribes in order to receive a service.

Neil Cooper of the Russo-British Chamber of Commerce highlighted corruption and bureaucracy as two

of the main concerns of investors. However, at the moment “the positives of investing in Russia far outweigh the negatives,” he added.

At a board meeting on Friday, Alexander Bastrykin, the chairman of the Investigation Committee at the Russian Prosecutor General’s Office, said “In the first quarter of this year, the Investigation Committee opened over a thousand criminal probes into bribe taking, compared to only 2,067 for the whole of 2006.”

He added that around 16,000 corruption related crimes had been reported so far this year. The number of reported incidents was up 9.4 percent for the first three months of this year compared to 2007, although the detection rate for corruption related crimes is also on the rise.

The issue of tackling corruption has been focused on at the St. Petersburg International Forum. In his opening address, President Medvedev pledged a war on corruption and measures to strengthen the judicial system and ensure the supremacy of law.

Last month a Counter Corruption Council was set up, which the President will chair. The overriding aim is “to establish an independent judicial system that corresponds to the level of economic development,” according to Medvedev.

Another measure set to be implemented is a database of property details, which will help prevent tax evasion.

“There already is a database on what property people own but we are talking about streamlining it to make it easier to use and see what people own by synchronizing what different agencies and ministries already have,” Justice Minister Alexander Konovalov told Reuters on Saturday.

By Ed Bentley

LINK TO ARTICLE: (HERE)

FERRIER INTERNATIONAL keeping you informed and we thank MOSCOW News and Ed Bentley for this article.

REPORT CRIME

Unfortunately this is a major problem in many countries today, and we call on you to come clean, be proactive, and expose the corrupt to save the world.

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