Probe into Japanese life insurance companies

Thu, 04 Jan 2007

A major investigation is underway from four large Japanese life insurance companies who did not pay out on legitimate claims .

According to experts in Japan, the number of life insurance policyholders who were let down currently exceeeds 10,000, but is likely to soar in the near future as further cases are brought to light.

An internal investigation into claims rejected by Nippon Life Insurance Co, Dai-ichi Mutual Life Insurance Co, Sumitomo Life Insurance Co, and Meiji Yasuda Life Insurance Co. were all part of a special contract involving life insurance combined with medical cover .

According to reports from Japan, this contract covered policyholders for going to hospital and having surgery. In a five year period following the millennium, the life insurance companies above allegedly failed to pay on some fronts, despite valid claims.
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