A jury returned a $60 Million verdict against insurance companies that deliberately denied a man coverage through fraud. The man developed a case of Lyme disease and chronic fatigue syndrome. As a result, he was unable to continue working as a venture capitalist. When he initially filed his claim with the Paul Revere Life Insurance Company, they paid his benefits. However, after a year, the insurers stopped all payments, denying the man what he was due.
This case is indicative of a greater epidemic in the insurance world where companies simply deny rightful patients their benefits. The policy has resulted in hundreds of millions in profits for insurance companies nationwide, and even though these companies continue to lose lawsuits, the benefits gained from denying benefits outweigh the costs of litigation. Thus, the trend remains. This verdict may be a step toward insurance companies fulfilling their side of the bargain.
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