Coventry First Offers 21st Services $5 Million for Independent Verification That Its Life Expectancy Projections Are Accurate.FORT WASHINGTON, Pa., Feb. 17 /PRNewswire/ -- Coventry First today announced that it will pay 21st Services, a provider 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. services, $5 million if it can provide independent verification that its underwriting over the last six years was accurate. 21st Services had asserted in response to a lawsuit filed by Coventry that, contrary to allegations contained in a complaint filed by Coventry, its 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. estimates are statistically accurate, are "superior" to estimates provided by other underwriting firms, and are the "gold standard" in the life settlement industry. Through an Offer of Judgment served on 21st Services' attorneys today, Coventry commits to pay 21st Services $5 million if it obtains a certification from either of the nation's two leading actuarial firms, Milliman & Robertson or Tillinghast, stating that for all of the insured individuals reviewed by 21st Services during the period from March 1, 1998 through December 31, 2004, the ratio of actual deaths to expected deaths was at least 80 percent.
In November 2004, Coventry filed suit against 21st Services in federal district court alleging that 21st Services was providing life expectancy projections that routinely and consistently understate un·der·state
v. un·der·stat·ed, un·der·stat·ing, un·der·states
1. To state with less completeness or truth than seems warranted by the facts.
2. the true life expectancy of the insured, in violation of Pennsylvania's Settlement Act. Alan H. Buerger, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Coventry, said at that time, "We are concerned that the methods employed by 21st Services are a key component of flawed investment structures promising unrealistic results. We believe that the investors who are relying on their projections will suffer significant losses, which will threaten the long-term viability of the secondary market for life insurance."
Mr. Buerger said that "if, in fact, 21st Services is the 'gold standard,' as it claims to be, then it should welcome Coventry's offer as an opportunity to publicly vindicate its practices and receive $5 million in the process. On the other hand, if they do not accept our Offer of Judgment, that will speak volumes about the legitimacy of their practices and the truth of their allegations against Coventry."
About Coventry First
Coventry First (http://www.coventryfirst.com/) bridges insurance and capital markets to create groundbreaking products for the financial services industry. The company is the leader in 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 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 has received Standard & Poor's highest Servicer ranking, the only firm in the secondary market for life insurance to be ranked, and was named the nation's 10th fastest-growing privately held company privately held company
A firm whose shares are held within a relatively small circle of owners and are not traded publicly. in the annual INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic.
Antonym: dec. . 500 listing.
CONTACT: Coventry First Kirstin Crouthamel 877-836-8300 email@example.com
CONTACT: Kirstin Crouthamel of Coventry First, +1-877-836-8300, firstname.lastname@example.org
Web site: http://www.coventryfirst.com/