Conseco Insurance

Posted on Saturday, January 13th, 2007 at 11:11am CST by ef381464

Company: Conseco Insurance

Category: Other

Conseco Insurance Group,11825 N. Pennsylvania Street, PO Box2012 Carmel IN 46082-2012.

Contact People at Conseco Maryanne Murphy, Compliance Dept. tel 800-888-4918x6048.

Patsy Longino, Claims Mgr. tel 800-824-2726x6977

Christine Levario Sr. Claims Adjuster tel 800-824-2726x6790

Britney Goodwin, Legal Dept. 800-888-4918 x5893.

I purchased a Disability Income Policy from a small mutual Insurance Co. in Hartford Ct. in 1973, the was eventually taken over by Conseco Insurance, who has been collecting the premiums for a number of years. I might add that for 30 years I was an Insurance Broker in Massachusetts, and owned my own Insurance Agency.

So I am quite familiar with the inner workings, terminology of Disability Income policies.

Conseco has denied me a claim for benefits due to a recurrent heart attack on 2-24-06. Initially they declined coverage as the alleged the policy was cancelled for non payment. I had sent them copies of cashed check for premium which they cashed a month before the premium was even due. Many months went by and finally after I got the State Insurance Commissioners office involved, they finally admitted in May 06 that the policy was valid, and that they made an accounting error.

A person with no experience in these matters probably would not have persevered to prove them wrong.

As far as my claim is concerned they have denied it many times for various reasons, none of which make any sense to me.I am still fighting to receive benefits on the policy.It seems there attitude is sue us, knowing full well they have many lawyers in their employ, and that an individual will not pursue the matter.

I am not getting into the nuts and bolts of my claim, but want to forewarn the public about Consecos attitude.

I have done lots of research on Conseco through various Insurance Depts across the US. It appears that Conseco would rather pay fines, and settlements to various state insurance departments, rather than pay their policyholders claims.

Several examples of their fines are listed here.

1:Minnesota Dept. of Insurance 6-5-06 they paid a $2.5 million dollar fine the largest ever paid to the State of MN and hey may also be liable for $7 million more in restitution to certain annuity policyholders.

2:In Arizona they paid a $26,000 penalty in the second quarter of 2001 for improper appeals procedures, Improper Group Health Terminations.

3:Comm. of PA Dept. of Insurance docket# CO04-01-038=4-16-04 on July30-2003 they made a refund of $35,677.96 as a result of overcharging 291 policyholders of Series GR-A05 Policy and under same order Section "B" paid a$5000. civil penalty.

4:State of Maryland Insurance Comm. office 8-12-,2004 there is a consent order case # MIA-2004_08-023 they violated numerous laws and regulations and under Section 3 of the consent order they agreed to pay a $10,000 penalty to the State of Maryland.

5: In a Business Week article dated 9-6-04 Conseco itself was seeking $650 million from former Directors and Officers of its own company, called "THE BIG NINE" that the 9 officers and directors received funds from the company that were not appropriate to the tune of $650 million of policy and shareholders.

The list goes on and on. Do you really want to do business with a company that has such a record. I have only listed a few of there regulatory problems.

Think twice before you enter into a contract with them.

1 Comment

ef381464, 2007-03-22, 05:48PM CDT

My claim is resolved

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