Short-Term Reversionary Trust Definition
For a minimum of 10 years, this financial vehicle is irrevocable after which the principal upon the termination of the trust reverts to the grantor. Earnings from the principal are taxed at the tax rate of the beneficiary, which is presumed to be lower than that of the grantor. A Clifford Trust which is set up to save for college funding for a child is an example of this type of trust.
Are your clients and prospects falling victim to a scam relating to fraudulent health care coverage? It could be costing them serious financial exposure, while taking revenue away from your agency. Now were not talking the typical fraud concerns of the insurance industry – eg claims fraud. Were talking about the sale of fraudulent health insurance policies to a consumer marketplace that is reeling from recent premium increasues.
Lawyer Malpractice Insurance
In late June, the Tampa Tribune reported.
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"Scamsters are selling pseudo policies to people who otherwise lack insurance. They may be willing to cover expenses immediately for pre-existing conditions -- illnesses you have had or know about -- without making you wait several months for coverage, as is common with legitimate plans. But the out-of-the-ordinary terms are a come-on, says the Florida Department of Insurance, which has shut down six such operations since February 2001. Insurance commissioners in Georgia, Texas and Arkansas have taken similar actions, says American Medical News, the weekly news publication of the American Medical Association. The closed plans lacked the required state licenses.
technology errors and omissions
Unlicensed plans may pay some of your bills for awhile. But sooner or later, regulators warn, the plans likely will start rejecting claims, whether the bill is submitted by you, a doctor's office or a clinic. By then, the plan has shut down and the operators have left with the money you paid in premiums.
Finance and Insurance Products dealerships
In the Sunshine State, more than 30,000 policyholders were stuck with at least $6 million in unpaid claims from the six unlicensed plans that were shut down.
People who lost their jobs in the latest recession -- and haven't found others -- are at risk. So are recent college graduates who can't find a job and are no longer covered by their parents' insurance. Another vulnerable group is workers at small companies that don't offer health insurance."
Orange County Insurance