Fraud

  • The fact that we charge people fees that we have disclosed and that fees reduce the value of your policy, and if your policy keeps reducing in value, it will lapse, is not a fraud.
    • That's common sense.
    • That's how life insurance works.  (p171) 

--  Closing Argument by Mr. Martens, Defendant Attorney - LSW, Life Insurance Company of the Southwest

2014 0425 – DOC 813 – Trial Transcript – Day 12 – Walker v LSW – 224p

  • content.naic.org/cipr-topics/insurance-fraud
    • Insurance Fraud
      • Insurance fraud occurs when an insurance company, agent, adjuster or consumer commits a deliberate deception in order to obtain an illegitimate gain.
        • It can occur during the process of buying, using, selling, or underwriting insurance.
  • 1980-1, NAIC Proceedings - 1979 1203 - Wesley J. Kinder, California Insurance Commissioner, Vice-Presidential Address - re: FTC Report - (p8-13) / (p63-68)
    • The FTC efforts to deter state action on life insurance cost disclosure, under the guise of assisting the states, when in fact, the game plan was to initiate an FTC regulation on the basis that the states failed to act, might be described as a federal fraud.
      • 1979 - FTC - Report - Life Insurance Cost Disclosure, Federal Trade Commission - 460p
    • The FTC trials-by-the-news-media violate the basic concept of due process and fair play.
  • Financial Fraud Enforcement Task Force (FFETF) which was created in November 2009
  • National Insurance Crime Bureau’s Law Enforcement Advisory Committee