May 17 • 16M

Fraudulent Life Insurers

Don't buy life insurance from the Mafia, either - but mainly, don't invest in insurance companies they own

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Appears in this episode

Mary Pat Campbell
Meep (Mary Pat Campbell) talks about mortality trends and/or public finance issues, usually with a connection to current events.
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Related Links:

Billion Dollar Bubble: IMDB Link and Wikipedia Link

an excerpt:

When the company does not perform as well as expected Art [Lewis, played by James Woods] and others decide to create fake insurance policies in order to generate the necessary figures to match the expected performance, a provisional measure that is only expected to last a short time. More policies must continually be created in order to continue to the supposed growth of the company so Art enlists the aid of technician Al Green [played by Christopher Guest] to develop computer software to randomly generate policies, the details of which must then be filled out manually. Computer and human error lead to supposed policyholders filing claims for medical conditions of the opposite sex and bills being returned because the addressees are unknown.

See, you could get away with such a fraud now.

Equity Funding Corporation of America Wiki article.

skull head bust with LED light
Photo by Lina White on Unsplash

Martin Chuzzlewit: at Gutenberg Project

Excerpt:

The Anglo-Bengalee Disinterested Loan and Life Assurance Company started into existence one morning, not an Infant Institution, but a Grown-up Company running alone at a great pace, and doing business right and left: with a ‘branch’ in a first floor over a tailor’s at the west-end of the town, and main offices in a new street in the City, comprising the upper part of a spacious house resplendent in stucco and plate-glass, with wire-blinds in all the windows, and ‘Anglo-Bengalee’ worked into the pattern of every one of them. On the doorpost was painted again in large letters, ‘offices of the Anglo-Bengalee Disinterested Loan and Life Assurance Company,’ and on the door was a large brass plate with the same inscription; always kept very bright, as courting inquiry; staring the City out of countenance after office hours on working days, and all day long on Sundays; and looking bolder than the Bank. Within, the offices were newly plastered, newly painted, newly papered, newly countered, newly floor-clothed, newly tabled, newly chaired, newly fitted up in every way, with goods that were substantial and expensive, and designed (like the company) to last. Business! Look at the green ledgers with red backs, like strong cricket-balls beaten flat; the court-guides directories, day-books, almanacks, letter-boxes, weighing-machines for letters, rows of fire-buckets for dashing out a conflagration in its first spark, and saving the immense wealth in notes and bonds belonging to the company; look at the iron safes, the clock, the office seal—in its capacious self, security for anything. Solidity! Look at the massive blocks of marble in the chimney-pieces, and the gorgeous parapet on the top of the house! Publicity! Why, Anglo-Bengalee Disinterested Loan and Life Assurance company is painted on the very coal-scuttles. It is repeated at every turn until the eyes are dazzled with it, and the head is giddy. It is engraved upon the top of all the letter paper, and it makes a scroll-work round the seal, and it shines out of the porter’s buttons, and it is repeated twenty times in every circular and public notice wherein one David Crimple, Esquire, Secretary and resident Director, takes the liberty of inviting your attention to the accompanying statement of the advantages offered by the Anglo-Bengalee Disinterested Loan and Life Assurance Company; and fully proves to you that any connection on your part with that establishment must result in a perpetual Christmas Box and constantly increasing Bonus to yourself, and that nobody can run any risk by the transaction except the office, which, in its great liberality is pretty sure to lose. And this, David Crimple, Esquire, submits to you (and the odds are heavy you believe him), is the best guarantee that can reasonably be suggested by the Board of Management for its permanence and stability.

There’s a very good BBC miniseries version of Martin Chuzzlewit, which includes the Anglo-Bengalee in all its glory. That was the BritBox link, and evidently, you can buy the miniseries in streaming video. I own it on DVD.

In this production, Montague Tigg/Tigg Montague is played by Pete Postlethwaite.

Photo by Taha on Unsplash