Life Insurance
Norwich Union Life fined by regulator
The financial regulator in the UK, the Financial Services Authority, has fined the leading insurance company Norwich Union over its life insurance division, which fell victim to a major fraud scam in 2005. The major £3.3 million fraud incident took place in the life insurance division t Norwich Union two years ago, and the insurance company was accused of failing to do enough to stop the fraud and protect customers.
Popularity: 42% [?]
Insurance ads duped many elderly customers
A recent report has highlighted how many elderly consumers were duped by misleading life insurance advertisements in the 1980s and 1990s, and many are now paying the price for falling for these misleading advertisements.
In fact, the advertisements in question are still being run now, but the insurance is not as popular as it once was. However, there are still consumers that believe that the offer is too good to miss, not realising that in years to come they may have to pay a very hefty price in order to retain their insurance benefits.
Popularity: 47% [?]