LYCOS RETRIEVER 
Conseco: Bankers Life
built 635 days ago
In a 2006 deposition, a Bankers Life and Conseco claims adjuster, Teresa Carbonel, testified that she denied claims because of missing records but was prohibited from calling nursing homes or physicians to request the documents. She ... testified that when a claim was denied, she was forbidden to phone a policyholder, but instead used a time-consuming mailing system.
Conseco reorganized and caught its breath in 1988. It moved the balance of the operations from its largest purchase, Bankers National, to its ballooning Carmel headquarters. It ... moved much of its Lincoln subsidiary from Kentucky. Although it increased the value of its holdings to more than $4 billion in 1988, Conseco was able to reduce its workforce by almost ten percent.
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Filed initially in mid-2000, the litigation alleges Conseco improperly handled rate increases or concealed the likelihood of those hikes on about 750,000 such policies nationwide, many of them originally written by American Travellers Life or J.C. Penney Life before that business was purchased by Conseco.
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Companies like Conseco, Bankers Life and Penn Treaty were aggressively signing up clients who were not in the best health at rates far below their competitors’ in order to win more business, former agents said. From 1991 to 1999, long-term-care sales helped drive total revenue gains of roughly 500 percent each at Penn Treaty and Conseco, including its affiliate Bankers Life.
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In May 2006, William Kirsch resigned as CEO and was succeeded by James Prieur on 7 September 2006... a member of Conseco's board of directors. Prieur was president and CEO of Sun Life Financial before joining the company.
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