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Thread: Making a profit on soldiers' death benefits

  1. #21
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    Re: Making a profit on soldiers' death benefits

    [QUOTE=buck;1058909691]How would you suggest that an insurance company make these numbers public? To the insurance company it's just a terminated policy, and they already make public the number of policies that are canceled. It's how investors can review churn and retention. I really can't figure out how you envision the online database. I guess it would have to contain every policy that was ever terminated with an insurance company...

    Maybe it should be a "backwards" database. I enter a name and social security number into a master database and the insurance companies search for matching records. MaggieD 333-33-3333 comes back with four hits -- Prudential; Nationwide; MetLife; Aetna. Click on links for more information. They're already in computers. Couldn't be that hard to do. Plus, without the social security number, information would remain confidential.

    I dunno. Why do insurance companies do that? Do you think it's somehow cheaper to pay those benefits to the state government rather than the insured? I have first hand experience of how much work an insurance company engages in to track down a beneficiary prior to sending benefits to the state. Even before we forwarded the funds, we always sent a letter to all the possible addresses we had on file to let them know these funds were going ot the state unless we heard back shortly. That simple threat would finally get beneficiaries to come forward. In some cases it was tax issues that prevented them from coming forward, in others it was family rivalries.
    Frankly, I think that tracking down the beneficiary slushes aren't the same as dropped policies and not even knowing the person is dead. Much smaller problem.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Making a profit on soldiers' death benefits

    [QUOTE=MaggieD;1058909725]
    Quote Originally Posted by buck View Post
    Maybe it should be a "backwards" database. I enter a name and social security number into a master database and the insurance companies search for matching records. MaggieD 333-33-3333 comes back with four hits -- Prudential; Nationwide; MetLife; Aetna. Click on links for more information. They're already in computers. Couldn't be that hard to do. Plus, without the social security number, information would remain confidential.
    Could you not just do the same thing by calling Prudential, Aetna, JNL etc? Give them the name and SSN and find out if they have a policy for the deceased? I think it's both safer (hackers just got information on 200mil facebook users) for everyone and much less likely to result in providing a competing insurance company with information on another company's clients. Althogh it is a bit more time consuming. I highly doubt you'll be having insurance companies providing everyone with that level of detail on every client that has terminated a policy.
    Last edited by buck; 08-10-10 at 03:17 PM.

  3. #23
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    Re: Making a profit on soldiers' death benefits

    [QUOTE=buck;1058909778]
    Quote Originally Posted by MaggieD View Post

    Could you not just do the same thing by calling Prudential, Aetna, JNL etc? Give them the name and SSN and find out if they have a policy for the deceased? I think it's both safer (hackers just got information on 200mil facebook users) for everyone and much less likely to result in providing a competing insurance company with information on another company's clients. Althogh it is a bit more time consuming. I highly doubt you'll be having insurance companies providing everyone with that level of detail on every client that has terminated a policy.
    No. That's the ridiculous part. I know this because I just faced it. For one thing, you'd have to call allll of the insurance companies. But even, as was the case with this lady that passed, if you KNOW there's a policy, unless you are the beneficiary, they will give you absolutely no information. Even with death certificate in hand.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: Making a profit on soldiers' death benefits

    Quote Originally Posted by MaggieD View Post

    No. That's the ridiculous part. I know this because I just faced it. For one thing, you'd have to call allll of the insurance companies. But even, as was the case with this lady that passed, if you KNOW there's a policy, unless you are the beneficiary, they will give you absolutely no information. Even with death certificate in hand.
    That's true. The reason insurance companies won't release information to you, is because you are not a party to the contract and the insurance company is prohibited by law from releasing information (privacy concerns and potential fraud). In fact, auditors would occasionally call pretending to be someone in order to obtain information from the company they were not entitled to.

    Anyway, all you need to do is fax the death certificate in. If they have a policy for the client, they will attempt to locate the beneficiary. Anyway, it sounds like you're issue is more with the government than the insurance company. I imagine they would face the same restrictions with the database you previously suggested. If you are positive the lady had a policy with that company, you can even fax the death certificate with a letter to your state's DOI, they will forward it to the insurance company.
    Last edited by buck; 08-10-10 at 07:43 PM.

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    Re: Making a profit on soldiers' death benefits

    Quote Originally Posted by buck View Post
    That's true. The reason insurance companies won't release information to you, is because you are not a party to the contract and the insurance company is prohibited by law from releasing information (privacy concerns and potential fraud). In fact, auditors would occasionally call pretending to be someone in order to obtain information from the company they were not entitled to.

    Anyway, all you need to do is fax the death certificate in. If they have a policy for the client, they will attempt to locate the beneficiary. Anyway, it sounds like you're issue is more with the government than the insurance company. I imagine they would face the same restrictions with the database you previously suggested. If you are positive the lady had a policy with that company, you can even fax the death certificate with a letter to your state's DOI, they will forward it to the insurance company.
    Thanks, Buck. Eventually, "up the line" on the telephone chain, I was able to get the bennie's name. (I'd already mailed them the death certificate and the small estate affidavit. That wasn't good enough because the estate wasn't the bennie.) The bennie named had died. Never would have found him -- been dead for 20 years.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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