AIG (American General Life and Accident Insurance Company)
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Post or View Comments About AIG (American General Life and Accident Insurance Company) (4 comments)
AIG, American General Life and Accident Insurance Company was founded in 1926 and is headquartered in Houston, Texas. American General Life Companies is the marketing name for the insurance companies and affiliates comprising the domestic life operations of American International Group, Inc., including American General Life Insurance Company and The United States Life Insurance Company in the City of New York. AIG renamed its property casualty and general insurance business, formerly known as AIU Holdings, to Chartis.
American General Life companies offers fixed and variable life insurance, long-term care, short-term disability insurance, long-term disability insurance, annuities, accident and health products, and worksite benefits. AIG has written large group long-term disability policies for organizations such as the American Bar Association.
According to the 2008 Forbes Global 2000 list, AIG was once the 18th-largest public company in the world. In September of 2008 AIG suffered from a liquidity crisis when its credit ratings were downgraded below “AA” levels. In September 2008 the U. S. Federal Reserve Bank created an $85 billion credit facility to enable the company to meet increased collateral obligations consequent to the credit rating downgrade, in exchange for the issuance of a stock warrant to the Federal Reserve Bank for 79.9% of the equity of AIG. The U.S. government revised the credit facility, and eventually increased the total amount available to as much as $182.5 billion. AIG subsequently sold a number of its subsidiaries and other asset to pay down loans received. The US government holds more than 80% of the company.
In March 2009, AIG faced public outrage, media and political backlash for its retention payments of $165 million. As a result of public furor over retention payments to its employees, AIG is re-branding a majority of its business under AIU Holdings, Inc. FBIC, a non-profit organization fighting bad-faith insurance companies, ranks AIG eighth on its list of bad-faith insurers in a review of 655 insurer groups comprising of 3,693 insurer companies.
As disability insurance attorneys, Dell & Schaefer have represented numerous clients with their long-term disability claims against AIG and its affiliated companies. Disability Attorneys Dell & Schaefer have provided and offer the following legal services for disability claimants that have a long-term disability insurance policy or disability income policy purchased from AIG:
- Application for long-term disability benefits with AIG
- Application for short-term disability benefits with AIG
- Monthly claim handling of AIG long-term disability insurance claims
- Appeal of an AIG denial of long-term disability benefits
- ERISA appeal of an AIG denial of long-term disability benefits
- Lawsuit against AIG for denial of long-term disability benefits
- Lump-sum buyout of an AIG long-term disability insurance policy
- Department of Insurance complaints against AIG for wrongful delay and denial of long-term disability benefits
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- Accidental death & disability dismemberment; AIG reversed by Colorado Court
I recently filed a short term disability claim with AIG through my employer. I have cancer and can no longer execute the duties of my job because I have a painful tumor where I need to sit (Vulvar Cancer). It hurts to walk, stand, sit. I got my confirmation letter on July 14th stating that they had gotten the claim initiated but when I went to their home page I saw (Waiting Periods) described as 30, 60, 90, 180, 365, 735 days. Do they really expect people to be able to survive with no other income for those periods of time?
Tammara, every disability insurance contract has a different elimination period. Your employer selected the elimination period when they bought the policy. Short term disability is usually never longer than a 30 day elimination period and is it usually 14 days. You need to read your policy to see your elimination period.
I have a relative in Texas that had AIG long term disability coverage as part of his Capital One credit card for which he was billed monthly. On October 29, 2007 he had a motor vehicle accident and got a spinal cord injury that has him permanently relegated to a wheel chair. The policy that was supposed to pay him $10,000 per month for ten years, as well as numerous other benefits was denied by AIG. Is this type of case in your wheelhouse?
Scott,
We have handled credit card disability insurance claims, however the laws are very specific in this area. I am concerned about the amount of time that has passed since the motor vehicle accident and claim denial by AIG. Please contact us and we will let you know if we can help to recover benefits.