Vulture Culture: Dirty Deals, Unpaid Claims, and the Coming Collapse of the Insurance Industry [Hardcover]

Eric D. Gerst (Author)

Book Description

Publication Date: April 23, 2008

We all dutifully write out checks for insurance coverage each month, assuming that if the worst should occur, we'll be protected financially. But what we don't know about the insurance business could - and most probably will - hurt us. "Vulture Culture" is a hard-hitting expose of the sorry state of the industry, from tales of rampant, widespread corruption to inconsistent state regulations and the inability - and often unwillingness - of the federal government to protect the rights of denied claimants.The book takes readers into a world of bid-rigging, fraudulent commissions, and secret payoffs, revealing shocking abuses and ominous new trends. Readers will hear about a rogue's gallery of shady executives, including a CEO whose massive claim denial schemes eventually got him fired ...at great cost to consumers. From the Hurricane Katrina fiasco of unpaid claims, to a revolving door in which former insurance executives regulate their own industry before returning to it themselves, this is a shocking account of an industry on the brink of collapse, and what must be done to fix it before it's too late.

Editorial Reviews

From Booklist

When an insurance claim of his was denied, causing him financial and emotional distress although the matter was subsequently settled, Gerst, an insurance attorney, conducted extensive research on the industry and concluded that something was fundamentally wrong. His highly critical exposé points out the lack of uniform state regulations and absence of federal oversight of the industry, which he concludes results in a system that consistently favors the insurer over the consumer. He describes the insurance scandals uncovered from 2004 to 2006 and reports on the cases against Marsh & McLennan, AIG, and others. Gerst’s solutions include “consumerizing” state insurance departments to ensure fair treatment for consumers, federalization of regulation and oversight of the industry, and new federal insurance laws. Although all will not agree with Gerst’s analysis, he quotes the National Association of Insurance Commissioners: “Insurance . . . with more than $1 trillion in annual premiums earned per year, is in a crisis and is on the brink of major exposure and massive change.” --Mary Whaley

Review

“A well researched and informative resource, Vulture Culture is for anyone curious about the current state of the industry as well as for insurance professionals who want in-depth knowledge on the subject.” Foreword magazine

"His [Gerst's] case is well-founded and should send a wake-up call to both state legislatures and the U.S. Congress.” Inland Empire Business Journal

See all Editorial Reviews

Product Details

• Reading level: Ages 17 and up
  
• Hardcover: 256 pages
• Publisher: AMACOM (April 23, 2008)
• Language: English
• ISBN-10: 0814400264
• ISBN-13: 978-0814400265
• Product Dimensions: 1 x 6.2 x 9.2 inches
• Shipping Weight: 1.1 pounds
• Average Customer Review: 4.6 out of 5 stars  See all reviews (7 customer reviews)
• Amazon Best Sellers Rank: #1,064,516 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

5 of 5 people found the following review helpful:

5.0 out of 5 stars Eye opener on cracks in the insurance industry, May 21, 2008

By 

Linda A (Philadelphia, PA) - See all my reviews

This review is from: Vulture Culture: Dirty Deals, Unpaid Claims, and the Coming Collapse of the Insurance Industry (Hardcover)

This book is a must read. It gives a clear picture of just how faulty the insurance business can be because of cracks in laws related to insurance. The author not only shows you where we could end up in insurance, he also gives simple practical solutions to make the insurance industry better and more secure, especially for consumers like you and me. This book is compelling and is full of stories and examples everyone can relate to.

4 of 4 people found the following review helpful:

5.0 out of 5 stars Excellent, Gripping, and Groundbreaking, May 3, 2008

By 

Alex N. (New York, NY) - See all my reviews

This review is from: Vulture Culture: Dirty Deals, Unpaid Claims, and the Coming Collapse of the Insurance Industry (Hardcover)

This book is a thorough analysis of the insurance industry and the many problems that are plaguing it. It's well-paced, and filled with facts and andecdotes that are sometimes alarming, and ultimately illuminating. More than a critique, he offers compelling solutions to the crisis, which makes this book a powerful tool in the push for reform. The editorial cartoons are excellent as well.

3 of 3 people found the following review helpful:

5.0 out of 5 stars You're NOT in Good Hands, May 17, 2009

By 

Dr. Christian B. Smart (Madison, AL USA) - See all my reviews

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This review is from: Vulture Culture: Dirty Deals, Unpaid Claims, and the Coming Collapse of the Insurance Industry (Hardcover)

This is a timely and important book. Although insurance companies have been getting much bad press the last few years, especially after Hurricane Katrina, this is the first place it has been this thoroughly documented in one place. It's well-written and easy to read. The author doesn't solely regurgitate facts but goes through numerous case studies so you can see countless individuals have been sacrificed to corporate greed and corruption. The title seems a little over the top, but is based on an actual award given out by an insurance company for people who cut down on claims!

Before reading this book, I wasn't sure insurance companies deserved all the bad press they've gotten. Now I know they deserve even more than they get! I was really saddened to read about the heart-wrenching stories related to long-term care and sick children.

Caveat emptor when buying insurance. Read the fine print in your policies carefully, and check out your insurance company. Consumer ratings can be eye opening.