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Detailed text transcripts for TV channel - CNN - 20100730:21:28:00

Is really standard operating procedure in the life insurance industry. new york s attorney general cuomo is investigating. he charges, quote, the insurance industry appears to be hoarding millions that belong to military families whose loved ones have made the ultimate sacrifice for our country. what exactly does he mean by hoarding? when a soldier dies, the family receives a package listing options for the death benefit. one option is a lump sum but prudential doesn t automatically mail a check. instead, the company creates what it calls an alliance account, a personal interest-bearing account giving you full access to your money. when the heirs want money they write a check and deposit it. well, tell us, i guess what s being criticized, the reason is because soldiers families aren t making much interest on that money? is that right? reporter: that is exactly the case. the money sits with prudential. it currently pays interest of only 0.5%. the insurance company of course is able t ....

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Detailed text transcripts for TV channel - CNN - 20100730:16:08:00

Interest-bearing accounts for the insurance industry. cnn s senior correspondent allan chernoff joins us from new york. allan, say it isn t so. it s hard to believe this even could happen. drew, let s put this in perspective. we re actually looking at a dispute over standard operating procedure in the life insurance industry. the new york attorney general, andrew cuomo is saying it appears, and he is investigating this issue, of whether or not life insurance companies are actually withholding payments from families of those who have died serving our country. let s look at what he said himself. quote, the insurance industry appears to be hoarding millions that belong to military families whose loved ones have made the ultimate sacrifice for our country. now, what is cuomo talking about with regard to hoarding? well, prudential financial is the precise life insurance company that has a contract with the military. in fact, they have been dealing with the military for more than ....

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