| Life Insurance Settlement Industry Thriving Amid Controversy
For a market that was nonexistent 10 years ago, the idea of life settlements has turned into a booming billion-dollar industry as well as a controversial issue that has seen pending state legislation and warnings from the insurance commissioner�s office. Life insurance policy owners, either in need or want of money, can sell their policy to a third party for cash. Others choose to sell because they cannot afford the premiums. Life Settlement Solutions Inc., a San Diego-based and institutionally funded life settlement company, has purchased $1 billion worth of life insurance policy mortality benefits in 47 states since it was founded five years ago. �We kind of created the market,� said Larry Simon, chief executive officer, sole shareholder and founder of Life Settlement Solutions.
ASIA MARKETS: Hong Kong, Mumbai And Sydney Stocks Take Off
Asian markets advanced strongly Tuesday, with Hong Kong and Mumbai notching gains of more than 6% as buyers returned in force for beaten-down financial stocks such as China Life Insurance Co. and India's ICICI Bank. The market's tone was set by gains on Wall Street and was supported by the U.S. dollar's retreat against Asian currencies as appetite for risk resurfaced. In Hong Kong, the Hang Seng Index finished up 1,356.3 points, or 6.4%, at 22, 464.52, taking home its biggest point gain for a day since January. The Hang Seng China Enterprises index jumped even higher to end 8.2% up at 11,727. Mumbai's Sensitive Index, or Sensex, was the second-best performer of the day, surging 6.1% to 16,217.49, while Australia's S&P/ASX 200 climbed 3.7% to 5, 318.40.
Insurer pays out for Lhasa riots
A Chinese insurer is ready to compensate life and property losses incurred from the latest Lhasa riots. Officials from the Tibetan branch of the People's Insurance Co (Group) of China said the company had received 80 claims for compensation worth at least 3.19 million yuan ($454,351). The claims include one injury, 19 burnt vehicles and 57 cases of damage to other autos, and three claims on property, according to the company. Other Chinese insurance companies were also in the process of investigating clients' compensation requests arising from the unrest, in which rioters killed at least 18 civilians, injured 623 people, set fire to more than 300 locations, mostly private houses, shops and schools, smashed vehicles, and damaged public facilities..
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