NCJ Number
157032
Date Published
1995
Length
288 pages
Annotation
Fraud in the insurance industry is explored.
Abstract
This book chronicles the abuses of the insurance industry, exposing the inside story of bad investments, unscrupulous or naive executives, bilked clients, collapsed companies, and staggering financial losses. The author reveals how experienced insurance executives jeopardized their companies by trying to price-gouge the competition out of business, only to go under themselves. Hostile takeovers, the extravagant use of ill-gotten profits, the many income-tax safe-havens, and the squandering of millions of dollars by executives who failed at one company after another and eventually fled the country are included in this insurance industry expose. Information was gathered from state and federal prosecutors, industry officials, and the criminals themselves. Advice for the consumer when purchasing various types of insurance is provided. Appendixes include a list of consumer resources and state insurance commissioners. A glossary and index are included.