We all dutifully write out checks for insurance coverage each month, assuming that if the worst should occur, we'll be protected financially. But what we don't know about the insurance business could - and most probably will - hurt us. "Vulture Culture" is a hard-hitting expose of the sorry state of the industry, from tales of rampant, widespread corruption to inconsistent state regulations and the inability - and often unwillingness - of the federal government to protect the rights of denied claimants.The book takes readers into a world of bid-rigging, fraudulent commissions, and secret payoffs, revealing shocking abuses and ominous new trends. Readers will hear about a rogue's gallery of shady executives, including a CEO whose massive claim denial schemes eventually got him fired ...at great cost to consumers. From the Hurricane Katrina fiasco of unpaid claims, to a revolving door in which former insurance executives regulate their own industry before returning to it themselves, this is a shocking account of an industry on the brink of collapse, and what must be done to fix it before it's too late.
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First it was the energy company scandals. Then widespread accounting fraud. Telecommunications. The list is as impressive as it is long, but all these previous financial misdeeds may pale in comparison to what’s been happening at the very core of the nation’s economy—the insurance industry.
Insurance companies and the huge brokers who make deals for them have been colluding with one another, defrauding shareholders, and denying billions of dollars in legitimate claims submitted by their customers. All, it seems, in an effort to drive profits and line their own pockets.
Their actions have not only imperiled the futures of millions of policyholders, they have also brought the entire insurance industry itself to the edge of disaster. The consequences of a large-scale collapse could be nothing short of economic catastrophe for people, businesses, and even other industries.
Wholesale reform is the only answer.
Vulture Culture is the first book to look at what really goes on in the insurance industry, and at the effect it could have on every one of us. Author Eric Gerst not only sounds the alarm on this uncontrolled greed and government impotence, and not only does he identify culprits and the stomach-turning deeds they’ve done, he also shows the way out of what might seem an impossible morass.
Featuring impeccable research, candid interviews, shocking numbers, and (undeniably) a thrilling if horrifying plot, Vulture Culture may be our best weapon and best chance to stop the broadest, costliest, and most systemic business scandal in American history—before it’s too late.
Part One: The Crisis
Chapter 1The Crisis: A Long Time Coming
Chapter 2How the Industry Got Where It Is: A Rogues’ Gallery
Chapter 3How the Industry Got Where It Is Today: Unpaid Claims and
the Storm after Hurricane Katrina
Chapter 4How the Industry Got Where It Is Today: Foreign Takeovers, Unregulated Reinsurers, Insurer and Claimant Fraud
Chapter 5The View from Outside: A Report Card on State Regulation
Chapter 6 Trends: The Next Decade
Chapter 7The Public Uproar and a Crescendo of Distrust
Part Two: The Solution
Chapter 8 Fifty Nonuniform State Fiefdoms
Chapter 9 Winds of Change: How to Improve the Industry
Chapter 10The Solution: UFOIL—A Two-Step Process of Consumerization
About the Author
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Descrizione libro AMACOM, 2008. Hardcover. Condizione libro: New. New item. Codice libro della libreria QX-213-46-4443804