Holocaust Insurance Claims Appeals Conclude; $300 Million Awarded to Survivors

March 20, 2007

  • March 20, 2007 at 5:24 am
    Anon says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    If my math is correct that\’s an average of $6250 per claimant, right? While I understand that life insurance policies at the time were for substantially less than they are today, where\’s the calculation for the 60 years worth of interest gained on the original premium or potential payout? The companies (those still in business) have been allowed to collect 60 years worth of interest on the initial premium payments. Just another reason why case action suits end up being a waste.

  • March 21, 2007 at 11:30 am
    CJ says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    I\’m pretty sure these are for property losses, not life insurance.

  • March 21, 2007 at 1:56 am
    Kevin Raz says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Something is better than nothing but this is a joke.

    CJ, the majority of these claims are for life insurance policies.

    Soldiers in the US forces in WW2 could sign up for a $10,000 life policy. That was a lot of money then; let\’s figure an average life policy was $5,000.

    Using the CPI as a guide, $5,000 in 1940 is worth $69,600 in 2005. If you figure that by the 48,000 claimants you arrive at a figure in the billions of dollars.

    Incredible. Let all the beneficiaries die off and then pay a pittance. This is an insult to the descendants of Holocaust survivors and those who had the foresight to purchase life insurance before a dark period in history.

    Kevin Rasmussen

  • March 21, 2007 at 2:17 am
    Ellie says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    It\’s being paid out to 48,000 survivors and their heirs. Why would survivors collect life insurance?

    50 million people died in WWII. I\’m tired of hearing about the woes of a few of them, aren\’t you?

  • March 21, 2007 at 2:30 am
    Kevin Rasmussen says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Ellie, lets say you buy a life insurance policy for $100,000. You name a beneficiary – spouse, child, whatever.

    You die. A few months later, before they can even file a claim, your beneficiary dies in a tragic accident.

    That money is rightfully due to someone. You\’ve paid the premium and should collect. Would you not want this to be paid?

    Now extend that thought to the many, many people in Europe who saw war coming in the 1930\’s and bought life insurance. They had seen how many non combatants died in WW1 and wanted to be able to provide for a future for their descendants if they died. Jews especially knew that bad days were coming as it was pretty obvious what was going on.

    In one of the greatest injustices in human history the Jewish people were 1)murdered by the millions and 2)were denied rightful payment on life insurance for those slaughtered.

    We are not talking about war reparations here but about collecting on a paid for benefit. I think that if we as insurance people do not demand a rightful settlement of these claims our industry is (once again) cast in a bad light.

    Kevin Rasmussen

  • March 21, 2007 at 3:26 am
    JM says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    My mother-in-law was the only survivor of her extended family.Her father sold life insurence and there were several wealthy close family members who purchased policies. She received $1,000 which was an insult.It was donated to a charity of her chpoice. Non-profits that have nothing to do with legitmate survivors received millions that will fund their overhead. is this JUSTICE? How much was paid out to actual people who were survivors or their heirs.

    Given the present value of the money paid, the total payout is a minisuule portion of the earnings on the reserves that were set up with out even impacting the principal.

    The insurance commissioners threated to bar some of these companies from doing business in the U.S. and the companies threw back a few scraps to apease the commissioners. If there was any kind if victory claimed it was a phyric one and haw many of those can one sustain.

  • March 21, 2007 at 3:39 am
    Josh S says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Wouldn\’t these life insurance policies have had a war exclusion that would limit or preclude benefits for holocaust victims?

  • March 21, 2007 at 3:44 am
    B says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    I don\’t know about the war exclusion. I\’m sure somebody can answer that. However there were a lot of people that were killed by the Germans before war was technically declared in 1939.

  • March 21, 2007 at 4:22 am
    Josh S says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    I would hardly call 6 million people \”a few\”. In terms of insurance claims, Holocaust victims would have been the worst off. I\’m sure any fallen Allied soldiers that had policies through their government had their claims paid. I doubt any significant number of Russian or Chinese victims of the war had policies at all.

  • March 21, 2007 at 4:47 am
    Kevin Raz says:
    Like or Dislike:
    Thumb up 0
    Thumb down 0

    Generally war exclusions are not on life policies. This is handled on the underwriting side – a soldier can\’t get a standard life policy & life coverage in Iraq is hard to come by.

    Kevin Rasmussen



Add a Comment

Your email address will not be published. Required fields are marked *

*