Showing posts with label insurance. Show all posts
Showing posts with label insurance. Show all posts
Life insurance Litigation, Lance Wallach, IRS
Life insurance Litigation, Lance Wallach, IRS: Lance Wallach wrote the book on life insurance, his experienced as a life insurance expert witness services will help guide you.
Expert Witness, Life insurance litigation, Lance Wallach
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Nationwide Life Insurance Litigation HomePage
Need assistance in Insurance Litigation?
Negligent, bad faith or fraudulent practices with respect to insurance policies, insurance coverage or insurance claims can take many forms.
We specialize in claims against insurance companies for failing to pay or underpaying in accordance
with the provisions of their policies, and in claims against insurance brokers for making errors and
omissions that damage policyholders’ abilities to collect under their existing policies. We represent
beneficiaries under life insurance policies whom insurance companies have failed to pay based on the
companies' claim that the decedent misrepresented some fact on the insurance application.
To read more, click here
Negligent, bad faith or fraudulent practices with respect to insurance policies, insurance coverage or insurance claims can take many forms.
We specialize in claims against insurance companies for failing to pay or underpaying in accordance
with the provisions of their policies, and in claims against insurance brokers for making errors and
omissions that damage policyholders’ abilities to collect under their existing policies. We represent
beneficiaries under life insurance policies whom insurance companies have failed to pay based on the
companies' claim that the decedent misrepresented some fact on the insurance application.
To read more, click here
Liquidation Comes For Lavish Insurer
Germany to celebrate Oktoberfest in Cologne. The
cost of the trip was $800,000, billed to Ankner`s businesses.
Most
of those acquainted with him didn`t view the expensive junket or other lavish
activities as out of line. To them, the red-haired, Brooklyn-born Ankner
epitomized thesuccessful
insurance man, with a fast-growing
operation, a company plane, homes in Florida and Vermont and an apartment in
Water Tower Place.
insurance man, with a fast-growing
operation, a company plane, homes in Florida and Vermont and an apartment in
Water Tower Place.
But
insurance regulators were already beginning to question expenses at his main
insurance unit, InterAmerican Insurance Co. of Illinois. When the Illinois
Insurance Department obtained a court order last month to liquidate the company,
court papers showed a balance sheet crowded with overvalued real estate and
questionable intercompany transactions and reinsurance arrangements.
The
collapse of InterAmerican is expected to be the biggest life insurance failure
in Illinois history, with a gap of more than $30 million between assets and
liabilities. It has placed in the hands of state regulators the largest real
estate and mortgage portfolio ever managed by the department. InterAmerican`s
$33 million portfolio of mortgages and real estate covers several investments on
Chicago`s Near West Side, including a loan on its headquarters at 901 W. Jackson
Blvd. There also are more far-flung holdings, such as loans to donut shops in Michigan and a
bed-and-breakfast in Vermont. Nearly half the $20.5 million in mortgage loans
are behind on payments, according to department officials.
to donut shops in Michigan and a
bed-and-breakfast in Vermont. Nearly half the $20.5 million in mortgage loans
are behind on payments, according to department officials.
Regulators
are still investigating the possibility that company funds were improperly used.
No charges have been filed, and Ankner denies any suggestion of wrongdoing.
A
report by an independent accountant hired by the Insurance Department highlights
several questionable charges, such as a $53,681 check to Neiman-Marcus Co. for
catering a 1989 Christmas party at Ankner`s apartment here, the company`s
payment of most of his $5,200 monthly rent and even a portion of the salaries of
Ankner`s gardener and housekeeper in Vermont.
The
failure of InterAmerican is a major headache for the many independent agents who
represented the company. Many of them apparently believed that the insurer had
virtually all its investments in government bonds and was financially
sound-or ``hunky-dory,`` according to Eric Wiltshire.
in government bonds and was financially
sound-or ``hunky-dory,`` according to Eric Wiltshire.
``The
agent`s got egg on his face,`` said Wiltshire, chairman of a Birmingham,
Mich.-based pension-consulting and insurance firm that dealt with
InterAmerican.
InterAmerican`s
approximately 25,000 customers can`t currently cash in their insurance policies
and annuity contracts or collect benefits. Most of their claims are expected to
be covered in the next few months by life insurance guaranty associations in
Illinois and the other 44 states in which InterAmerican did business.
Though
big by Illinois standards, InterAmerican`s demise is small potatoes compared
with several widely publicized out-of-state failures that rocked the life
insurance industry last year. Failed Executive Life Insurance Co. of Los
Angeles, for
example, had assets of about $10 billion;
, for
example, had assets of about $10 billion;
InterAmerican`s
assets totaled about $140 million as of year-end 1990.
Yet
the company`s problems are typical of many ailing life insurers, regulators say.
Besides a heavy dose of non-performing real estate, the troubles include rapid
growth supported by a controversial financial technique known as surplus relief
reinsurance, used by insurers to boost their regulatory capital.
Don't Cash That Check
If
an insurance company sends you a letter cancelling your disability or life
insurance policy, along with a check for all the premiums you paid, don’t cash
that check! In fact, if you feel your policy should not have been cancelled,
you should seriously consider continuing to pay your premiums.
When
a disability or life insurance company decides that you made a misrepresentation
in the application for the policy that materially affected their ability to
determine whether they should contract with you, within certain time
limitations, they can attempt to rescind your policy. Rescission is a fancy
word for a cancellation of a policy where the insurance company places you back
in the position you were in one moment before your contract was issued.
If
you cash the check, it can be construed as your acceptance of the insurance
company’s cancellation of the policy. But if the insurance company continues to
collect premiums from you when they believe they have a reason to rescind your
policy, it could mean that you get to keep the policy.
Life Insurance Fraud Lawline.com Continuing Legal Education
http://www.youtube.com/v/bKAs4gV9KdQ?version=3&autohide=1&feature=share&showinfo=1&autohide=1&attribution_tag=Wtr31r0N5naX_tan6uwZrg&autoplay=1
Lance Wallach - IRS Secrets You Should Know
http://www.youtube.com/v/oUuI3cHIxR4?autohide=1&version=3&attribution_tag=VIe_wq70nxk_T-ApzQDywA&autoplay=1&showinfo=1&autohide=1&feature=share
Where can I get Help with Section 79 Plan Problem?
http://www.youtube.com/v/bi0e0MBb99c?autohide=1&version=3&attribution_tag=OUH8R1tAddVf3JgBuo50RQ&autohide=1&showinfo=1&feature=share&autoplay=1
Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots, by Sid Kess
Description
This course will enable the practitioner to better understand many of the abusive insurance and annuity-based products being marketed to your clients and how you can alleviate exposure to IRS scrutiny.
Objectives:
Accepted for CFP® credit.
Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots, by Sid Kess
Author/Moderator: Lance Wallach, CLU, CHFC, CIMC
Publisher: AICPA
Availability: In Stock
Description
Table of Contents
Reviews
Description
This course will enable the practitioner to better understand many of the abusive insurance and annuity-based products being marketed to your clients and how you can alleviate exposure to IRS scrutiny.Objectives:
- Identify potentially abusive deductions claimed on your client’s tax return
- Enable the practitioner to advise his clients so they can avoid IRS penalties and deduction disallowances
- Learn the pros and cons of the current strategies being employed by financial professionals in developing comprehensive financial plans for individuals and businesses
- Learn to avoid financial exposure to yourself and your clients for aggressive insurance, retirement and financial planning strategies being marketed today
Accepted for CFP® credit.
See full description
- Course Objectives
- Introduction
- Organization
- \
NASBA
Where can I get Help with Section 79 Plan Problem?
http://www.youtube.com/v/bi0e0MBb99c?autohide=1&version=3&attribution_tag=OUH8R1tAddVf3JgBuo50RQ&autohide=1&showinfo=1&feature=share&autoplay=1
Where can I get Help with Section 79 Plan Problem?
http://www.youtube.com/v/bi0e0MBb99c?autohide=1&version=3&attribution_tag=WbehtBDlfo40RUQqGZmgtg&showinfo=1&autoplay=1&autohide=1&feature=share
Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots, by Sid Kess
Description
This course will enable the practitioner to better understand many of the abusive insurance and annuity-based products being marketed to your clients and how you can alleviate exposure to IRS scrutiny.
Objectives:
Accepted for CFP® credit.
Avoiding Circular 230 Malpractice Traps and Common Abusive Small Business Hot Spots, by Sid Kess
Author/Moderator: Lance Wallach, CLU, CHFC, CIMC
Publisher: AICPA
Availability: In Stock
Description
Table of Contents
Reviews
Description
This course will enable the practitioner to better understand many of the abusive insurance and annuity-based products being marketed to your clients and how you can alleviate exposure to IRS scrutiny.Objectives:
- Identify potentially abusive deductions claimed on your client’s tax return
- Enable the practitioner to advise his clients so they can avoid IRS penalties and deduction disallowances
- Learn the pros and cons of the current strategies being employed by financial professionals in developing comprehensive financial plans for individuals and businesses
- Learn to avoid financial exposure to yourself and your clients for aggressive insurance, retirement and financial planning strategies being marketed today
Accepted for CFP® credit.
See full description
- Course Objectives
- Introduction
- Organization
- \
NASBA Field of Study: Taxes
Level: Intermediate
Recommended CPE Credit: 6
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