Leesburg Accountant Sentenced to 64 Months in Prison for Life Insurance and Social Security Fraud
James C. Cilenti, 47, of Leesburg, Va., was sentenced today to 64 months in prison, followed by three years of supervised release, for carrying out a fraud scheme to fraudulently obtain life insurance proceeds and for aggravated identity theft in connection with a related Social Security fraud scheme. He was also ordered to pay $465,748 [...]
Term life insurance
Term life insuranceis the original form of life insurance and is considered to be pure insurance protection because it builds no cash value. This is in contrast to permanent life insurance such as whole life, universal life, and variable universal life. Term life insurance is temporary, as it covers only a specific period of time, [...]
Segregated funds
Segregated Fundsare a classification of funds administered by an insurance company in the form of individual, variable life insurance contracts offering certain guarantees to the policyholder such as reimbursement of capital upon death. As required by law, these funds are fully segregated from the company’s general investment funds, hence the eponym.
Net premium valuation
A Net Premium Valuation is an actuarial calculation, used to place a value on the liabilities of a life insurer. Background It involves calculating a present value for the contractual liabilities of a contract, and deducting the value of future premiums. Both contractual liabilities, and future premiums in this calculation allow only for mortality and [...]
