New Jersey-based Nassau Trust (NEBT) had some great health insurance products. Insurance agency Allstaffing, Inc., marketed NEBT’s products extensively to Pennsylvania employers and built quite a business. There was just one problem: NEBT wasn’t licensed in either state, and the company is bankrupt.
The New Jersey Insurance Department has corrected this oversight by persuading Gerber Life Insurance to pay nearly $1 million in outstanding claims on the policies.
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