by rdavey1 » Wed Oct 13, 2010 07:46 pm
Insurance companies in America are one of the worst violators of fraud.
Take Americo - they teach their agents to misrepresent themselves to sell extremely expensive life insurance policies and commit fraud. In fact it seems to be the industry standard. Almost all life insurance companies have been sued for fraud in one form or another. Americo, however, is one of the worst.
Here's the kicker...
THESE INSURANCE COMPANIES ARE MAKING A PROFIT OFF BEING SUED!!
The California case involves up to 70,000 teachers / victims alone.
I was putting away $550 / mo into this 403b account which contained an approximately $263,000 Americo life insurance policy. By IRS code, they were only allowed to take up to 50% of the premium as payment for the policy. The other 50% was to go to an "investment vehicle" to bolster my retirement. Americo took it all. I have nothing extra saved for my retirement.
If 70,000 teachers were putting away $500 / month into the account, like me,
THAT'S $35,000,000 PER MONTH PROFIT TO AMERICO!!!
The California "No Teacher Left Behind" class action lawsuit will likely settle
in the tens of millions of dollars.
Americo wins again!! Huge profits even after losing a post class action law suit. And here's another kicker...
Americo continued defrauding people in Texas! There are new cases!! Why quit ripping people off when you can make 100's of millions of dollars even after losing class action lawsuits? What is wrong with this picture? Where are our politicians? Whey hasn't something been done to stop this?
Check this out...
The class action lawsuit settled in Texas in 2002/2003 involved over 163,000 Texas teachers. It settled for $23 million! How much money did Americo make on that case? Do the math:
163,000 x $500 / month average = $81.5 million dollars / month!! And how many months did Americo reap these premiums? They did it for years before getting caught. They paid out a measely $23 million for losing the class action suit. They made 100's and 100's of millions of dollars!
Who says fraud doesn't pay in America?
Take Americo - they teach their agents to misrepresent themselves to sell extremely expensive life insurance policies and commit fraud. In fact it seems to be the industry standard. Almost all life insurance companies have been sued for fraud in one form or another. Americo, however, is one of the worst.
Here's the kicker...
THESE INSURANCE COMPANIES ARE MAKING A PROFIT OFF BEING SUED!!
The California case involves up to 70,000 teachers / victims alone.
I was putting away $550 / mo into this 403b account which contained an approximately $263,000 Americo life insurance policy. By IRS code, they were only allowed to take up to 50% of the premium as payment for the policy. The other 50% was to go to an "investment vehicle" to bolster my retirement. Americo took it all. I have nothing extra saved for my retirement.
If 70,000 teachers were putting away $500 / month into the account, like me,
THAT'S $35,000,000 PER MONTH PROFIT TO AMERICO!!!
The California "No Teacher Left Behind" class action lawsuit will likely settle
in the tens of millions of dollars.
Americo wins again!! Huge profits even after losing a post class action law suit. And here's another kicker...
Americo continued defrauding people in Texas! There are new cases!! Why quit ripping people off when you can make 100's of millions of dollars even after losing class action lawsuits? What is wrong with this picture? Where are our politicians? Whey hasn't something been done to stop this?
Check this out...
The class action lawsuit settled in Texas in 2002/2003 involved over 163,000 Texas teachers. It settled for $23 million! How much money did Americo make on that case? Do the math:
163,000 x $500 / month average = $81.5 million dollars / month!! And how many months did Americo reap these premiums? They did it for years before getting caught. They paid out a measely $23 million for losing the class action suit. They made 100's and 100's of millions of dollars!
Who says fraud doesn't pay in America?
Posted: Tue Apr 28, 2015 01:59 am Post Subject:
My question is why are they only start my pay after the 90 day period ?
Did you ever take a minute to read your contract? It tells you what you need to know.I would think that I would be paid like Social Securiy from the rear starting the 25 December 2014.
This just goes to show that you don't know how Social Security works either. You will not be eligible to receive a benefit until at least June 1, 2015 (you must be disabled at least five "full months", which means your first full month of disability is January 2015) -- a few months longer than your life insurance rider benefit.Add your comment