Annuity Overpayments: What You Need to Know
By EsqSocial Corporation 19/10/20
Each year, insurers pay out millions of dollars on annuities that are not owed. This not only results in financial loss, but also leads to over-inflated reserves. The problem persists because it is increasingly difficult for companies making the payments to obtain timely information and to identify issues. Most cases involve life contingent payments and the failure of survivors to report the death of the annuitant, but some overpayments occur due to clerical errors even when such payments are...
By: Faegre Drinker Biddle & Reath LLP