Coventry First Acts to Strengthen Life Settlement Market.Business Editors FORT WASHINGTON Fort Washington, military post during the American Revolution, situated on the highest point of Manhattan island, New York City, overlooking the Hudson River opposite Fort Lee, N.J. , Pa.--(BUSINESS WIRE)--May 11, 2004 Coventry First LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control today announced that it had taken a significant step to protect the secondary market for life insurance by making a formal complaint against Examination Management Services, Inc., a Waco, Texas-based provider of viatical vi·at·i·cal adj. 1. or vi·at·ic Of or relating to traveling, a road, or a way. 2. Of or relating to a contractual arrangement in which a business buys life insurance policies from terminally ill patients for a percentage and life settlement medical underwriting medical underwriting Managed care The process of determining the medical needs of an individual or group before providing coverage. See Health insurance. services, in Federal District Court in Philadelphia, Pennsylvania. The complaint describes how the long-term viability of the secondary market for life insurance is being adversely impacted by EMSI EMSI Ecole de Management des Systèmes d'Information EMSI Electro-Mechanical Systems International EMSI Electronic Manufacturing Services Industry EMSI Emergency Medical Services Instructor EMSI Executive Management Services, Inc. EMSI Expanded Multi-Sensor Integration . To date, over $1 billion has been raised to invest in settlements based on unrealistic projections promulgated prom·ul·gate tr.v. prom·ul·gat·ed, prom·ul·gat·ing, prom·ul·gates 1. To make known (a decree, for example) by public declaration; announce officially. See Synonyms at announce. 2. by EMSI and others. "We believe that owners of insurance policies and investors in settlements are both well-served by a secondary market where investors have confidence in the information they are receiving," said Alan H. Buerger, Chief Executive Officer of Coventry. "We are concerned that if the methods employed by EMSI and others are allowed to continue, investors who are relying on their unrealistic projections will suffer significant losses. We have acted today, and will continue to act, to help the market achieve this outcome." "As the creators of the secondary market for life insurance, we have seen firsthand the benefits that consumers have enjoyed as a result of having access to this new and growing market," said Mr. Buerger. "Since November 2001, Coventry First has paid consumers $375 million for their policies, which represents an excess of $250 million over what they would have received if they had surrendered their policies to life insurance carriers." About Coventry First Coventry First (www.coventryfirst.com) bridges insurance and capital markets to create groundbreaking products for the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry. The company created the secondary market for life insurance and pioneered the resulting life settlement industry. Fueled by bold ideas, a deep understanding of life insurance, and impeccable ethical standards, Coventry First continues to lead the market by opening new opportunities for consumers and the financial professionals who serve them. Based in Fort Washington, PA, Coventry First was named the 12th fastest-growing privately owned company in Inc. magazine's 2003 ranking of the 500 fastest-growing private companies in the U.S. |
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