Comments on: Jackie Ramos vs Bank of America, part 2 http://blogs.reuters.com/felix-salmon/2012/01/30/jackie-ramos-vs-bank-of-america-part-2/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: traducere daneza http://blogs.reuters.com/felix-salmon/2012/01/30/jackie-ramos-vs-bank-of-america-part-2/comment-page-1/#comment-53717 Mon, 29 Sep 2014 14:04:29 +0000 http://blogs.reuters.com/felix-salmon/?p=12053#comment-53717 5 Carmine 6 alga jordan 6 sport blue clpig Space jam 11s for sale ylaq jordan carmine 6 sdug Concord 11s sjgg concord low 11s ydau Jordan 6 Sport Blue blqg Jordan 6 Sport Blue ymklga Cheap Jordan 6 vmklgq Sport Blue 3s alui Low Concord 11s ydpiq Space Jam 11s yduq Gamma Blue 11s ahlag Jordan Retro 12 Taxi yjpiq Jordan 11 vlag Concord 11s For Sale welpig Jordan 11 Concord Jordan 6 Sport Blue amklui Jordan Retro 6 cdpig Jordan 3 ahjuq Jordan Retro 11 vmklgg Gamma 11s yduq Taxi 12s ahlqu Jordan bred 11 cmklpig Foamposites For Sale cmklga Foamposites Air Yeezy yjpiq Cheap Lebron 11 ajpiq Nike Foamposite ahdui Lebron 10 vjaa Cheap Lebron 9 ahjgq

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By: Spazmaster http://blogs.reuters.com/felix-salmon/2012/01/30/jackie-ramos-vs-bank-of-america-part-2/comment-page-1/#comment-36099 Fri, 17 Feb 2012 00:46:35 +0000 http://blogs.reuters.com/felix-salmon/?p=12053#comment-36099 There’s nowhere near reportable information in this video. Only accusations, assumptions, hearsay and possibly slander. I can’t believe we have devolved so badly that our society follows someone’s personification of a bank like mice following the Piper

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By: Spazmaster http://blogs.reuters.com/felix-salmon/2012/01/30/jackie-ramos-vs-bank-of-america-part-2/comment-page-1/#comment-36098 Fri, 17 Feb 2012 00:46:33 +0000 http://blogs.reuters.com/felix-salmon/?p=12053#comment-36098 There’s nowhere near reportable information in this video. Only accusations, assumptions, hearsay and possibly slander. I can’t believe we have devolved so badly that our society follows someone’s personification of a bank like mice following the Piper

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By: MaxUtil http://blogs.reuters.com/felix-salmon/2012/01/30/jackie-ramos-vs-bank-of-america-part-2/comment-page-1/#comment-35494 Tue, 31 Jan 2012 20:20:34 +0000 http://blogs.reuters.com/felix-salmon/?p=12053#comment-35494 @FinanceChicken – I’ll take a little exception to your statement that “Insurance is a business based on trust.”

The insurance business is based on a binding contract between the insurer and the insured. You are quite right that some insurers will pay out claims when they could technically find a valid cause not to. But I would contend that this is based not on a concern about “trust” or “doing the right thing”. It is based on a pretty straight forward calculation on whether their cost to fight a particular claim is worth more than just paying it.

None of this is relevant to whether mortgage life insurance is a good idea or the particulars of this case. But I just don’t think it is correct or wise to spread the idea that “doing the right thing” when it is not what is stipulated in the contract is common practice in the insurance industry.

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By: realist50 http://blogs.reuters.com/felix-salmon/2012/01/30/jackie-ramos-vs-bank-of-america-part-2/comment-page-1/#comment-35491 Tue, 31 Jan 2012 19:25:39 +0000 http://blogs.reuters.com/felix-salmon/?p=12053#comment-35491 If the policy should pay out according to its terms, I hope that she gets fully compensated for her losses, including substantial consequential damages.

That said, Felix left out the extremely important fact that the death was a suicide. The norm is that life insurance policies – not just mortgage life insurance policies, but “standard” term and whole life policies – have exclusions for suicide for 2 years after the policy is written. I think mortgage life insurance is a poor purchase because of high pricing relative to standard term policies. Marketing letters that I’ve received for it have struck me sort of shady, but I have no issue with a suicide exclusion on the policy. While I’m sympathetic to her difficult situation, a suicide exclusion for a period after a policy is written isn’t some fine print clause that’s only there in a shady corner of the life insurance market. It’s pretty much necessary in some form to keep the life insurance market functioning as intended.

Here’s a brief overview of the topic -http://www.bankrate.com/finance/insuran ce/protecting-life-insurance-policy-clai ms-1.aspx

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By: FinanceChicken http://blogs.reuters.com/felix-salmon/2012/01/30/jackie-ramos-vs-bank-of-america-part-2/comment-page-1/#comment-35471 Tue, 31 Jan 2012 11:06:15 +0000 http://blogs.reuters.com/felix-salmon/?p=12053#comment-35471 spectre855… no question, there will be some legally legitimate ‘get out clause’ for BofA, but that misses the point.

This video is about the ‘right and wrong’ about the whole mortgage insurance business. The selling of these policies has already been shown to be quite dodgy. I suspect we will see another Huff Post follow-up to this video, and we will have a chance to find some more facts about the policy. Ultimately, this is about trust, and doing the right thing.

Insurance is a business based on trust. If you have ever called in a claim on a policy, you know the scared feeling that goes through your head ‘is this really covered?’… ‘did I invalidate my policy somehow accidentally’… ‘is there something in the small print that will keep them from paying?’ And hopefully, you also know the relief when the claims department doesn’t seem overly extreme looking for a ‘get out’, they confirm that the loss has happened, and pay… that’s how it’s supposed to work.

It is written into the DNA of the insurance bus that there is a balance between protecting profits, and keeping customer trust. With enough effort many claims can be avoided by looking hard at the small print, but the fact is if the policy was sold to cover an event, and the event happened, then the ‘right’ thing to do is pay out.

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By: fresnodan http://blogs.reuters.com/felix-salmon/2012/01/30/jackie-ramos-vs-bank-of-america-part-2/comment-page-1/#comment-35470 Tue, 31 Jan 2012 11:03:59 +0000 http://blogs.reuters.com/felix-salmon/?p=12053#comment-35470 “Over email, Ramos told me that the insurance in question was absolutely mortgage life insurance, over and above the standard mortgage insurance which they already were paying for from another provider. That’s what BofA explained when they agreed to keep on paying the premiums. And Ramos also passed on a tax form 1098 from Bank of America to Tim, which clearly shows that Tim had paid mortgage insurance premiums in 2011 — even as the bank is now telling Ramos that there was no mortgage insurance at all.”

Perhaps as some have commented, there may be some loopholes in the term “mortgage insurance.” But at some point, products can not be sold with the intention of not actually providing any value. For instance, buried in the fine print, did this “policy” have a clause that it only pays out for deaths that occur in months that begin in a vowel, on an even day, in leap years?
When we have a system in which we call forgery “robosigning” we have reached the point of not just torturing the language, but going full inquisition.

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By: spectre855 http://blogs.reuters.com/felix-salmon/2012/01/30/jackie-ramos-vs-bank-of-america-part-2/comment-page-1/#comment-35449 Mon, 30 Jan 2012 21:06:06 +0000 http://blogs.reuters.com/felix-salmon/?p=12053#comment-35449 I don’t really think there is enough information here to really make a judgement one way or another about what happened. The video throws around the term “mortgage insurance” a lot which usually has nothing to do with protection for the borrower. I’d want to know much more specific information about what type of “mortgage insurance” product she was actually paying for.

Also, were there provisions that nullified the insurance in the case of suicide? Was she for sure the beneficiary? I’m definitely not saying she didn’t get screwed but there needs to be more information before the torches and pitchforks come out.

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By: MarkWolfinger http://blogs.reuters.com/felix-salmon/2012/01/30/jackie-ramos-vs-bank-of-america-part-2/comment-page-1/#comment-35448 Mon, 30 Jan 2012 20:24:14 +0000 http://blogs.reuters.com/felix-salmon/?p=12053#comment-35448 I am referring to YouTube views. Not your views!

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By: MarkWolfinger http://blogs.reuters.com/felix-salmon/2012/01/30/jackie-ramos-vs-bank-of-america-part-2/comment-page-1/#comment-35447 Mon, 30 Jan 2012 20:23:30 +0000 http://blogs.reuters.com/felix-salmon/?p=12053#comment-35447 Do these ‘views’ count for anything?

The powers that be refuse to prosecute the banks. Settlement is all they crave. What nonsense.

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