21st Services Announces It Has Settled Lawsuit With Coventry First.MINNEAPOLIS -- 21st Services is pleased to announce that it has resolved the lawsuit between it and Coventry First. All claims and counterclaims have been dismissed. 21st Services's insurer has paid an undisclosed sum to Coventry. 21st Services does not admit to any wrongdoing wrong·do·ern. One who does wrong, especially morally or ethically. wrong  do and makes this statement about the lawsuit and settlement. 21st Services entered the life expectancy Life Expectancy 1. The age until which a person is expected to live. 2. The remaining number of years an individual is expected to live, based on IRS issued life expectancy tables. estimation business in 1998, using an estimation model developed in consultation with third-party consultants. In 2004, 21st Services engaged two outside consulting firms Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a to analyze accumulated data from its life expectancy estimation model. Based on the consultants' analysis and subsequent recommendations, as well as on recommendations of its own director of medical underwriting medical underwriting Managed care The process of determining the medical needs of an individual or group before providing coverage. See Health insurance. , in January 2005 21st Services implemented substantial and material enhancements to its life expectancy estimation model, which resulted in longer average life expectancies in the aggregate. These changes included replacing its original mortality table (the 1994 Tillinghast non-medical table) with the 2001 Valuation Basic Table, implementing an impaired-insured underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. model based on best practices found in the life insurance, long term care and life settlement industries, and implementing a new mortality calculator engine to better capture the mortality impact of minimally and substantially impaired insureds. The new life expectancy model implemented by 21st Services in 2005 relies on a more current mortality table than the company's original model and also adopts a more sophisticated impairment methodology for the assignment of mortality debits and credits. This methodology is expected to result in more accurate estimates of life expectancy and to enhance 21st Services' position in the market. 21st Services strongly believes that accurate life expectancy estimates are in the interest of all participants in the life settlement market. 21st Services has asserted various counterclaims against Coventry. The company's attorneys have concluded, after depositions and a review of documents produced in discovery, that there is insufficient evidence insufficient evidence n. a finding (decision) by a trial judge or an appeals court that the prosecution in a criminal case or a plaintiff in a lawsuit has not proved the case because the attorney did not present enough convincing evidence. to pursue the counterclaims or to substantiate To establish the existence or truth of a particular fact through the use of competent evidence; to verify. For example, an Eyewitness might be called by a party to a lawsuit to substantiate that party's testimony. allegations that Coventry has acted to the detriment of consumers. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion