All posts containing the tag: "LifeInsurance"
Posted Aug 8th 2009 1:30AM by TMZ Staff
The special administrators of Michael Jackson's estate scored a big one -- reeling in $3 million from the company that issued a life insurance policy to M.J.
John Branca (above) and John McClain quietly cashed in the policy -- reports it was worth upwards of $20 million are simply not true. It was a $3 million payout. And here's why it was a swift move -- the coroner hasn't even released the autopsy report yet.
Some life insurance companies are hinky about paying out proceeds until the cause of death is known. Remember Heath Ledger's death, when the life insurance company wouldn't promptly fork over the $10 million because Heath allegedly lied about drug use on the application?
Somehow Branca and McClain convinced the insurance company to ante up with lightening speed -- and the estate is $3 million richer for it.
Filed under: Michael Jackson, Exclusives
Tags: john branca, john mcclain, JohnBranca, JohnMcclain, life insurance, LifeInsurance, michael jackson, MichaelJackson
Posted Aug 7th 2009 9:48AM by TMZ Staff
It looks like the insurance policy taken out on Michael Jackson to cover tens of millions of dollars in losses in the event of the singer's death may be a bust.
The Lloyd's of London policy -- taken out by AEG in case Jackson didn't perform his London concerts -- did not cover death related to illegal drug use. According to the policy, obtained by the L.A. Times, "This insurance does not cover any loss directly or indirectly arising out of, contributed, to, by or resulting from ... the illegal possession or illicit taking of drugs and their effects."
As we first reported, authorities believe the powerful anesthetic Propofol caused Michael Jackson's death. Although the drug is legal, it should never be administered at someone's home, according to all the medical professionals with whom we've spoken. That could constitute an "illicit" use and, depending on how the prescription was written, an illegal use as well.
And, according to the Times, the policy only covered losses as the result of an accident. The only way the policy would have covered death is if a second physical had been performed on Jackson -- and it wasn't. And, even if a second physical was performed, it almost certainly would not cover the circumstances surrounding Jackson's death.
The policy covered $17.5 million. AEG reportedly claims it's in the hole $30 mil.
UPDATE: Sources familiar with the insurance policy tell us ... if proceeds are recovered they would all go directly to Jackson's estate. We're told Katherine was given a copy of the policy yesterday.
We're also told the physical performed on Michael back in early February in connection with the policy was hand-picked by the insurance company -- not AEG. Our sources say the 4-hour exam -- which was performed in L.A. by Dr. David Slavit -- included blood work. The policy was issued in mid-April.
Filed under: Michael Jackson
Tags: aeg, death, drug overdose, DrugOverdose, insurance policy, InsurancePolicy, life insurance, LifeInsurance, lloyds of london, LloydsOfLondon, Michael jackson, MichaelJackson, propofol
Posted Jun 7th 2009 11:03AM by TMZ Staff
Sources tell TMZ the second autopsy of David Carradine's body will be conducted in a matter of days, and two issues are on the line -- cause of death and life insurance.
As for cause of death, here's what we're hearing ... if this is truly a case of auto-erotica, typically people who do this will put a cloth or something between the neck and the skin to avoid marks that would be difficult to explain. There's a picture that was published in a Thai newspaper showing the body hanging. We will not publish it, but we do not see evidence of anything between the neck and rope. To the contrary, the photo shows redness in the right shoulder area, next to the neck.
Another issue -- if this is truly a case of auto-erotica, generally there would be a magazine, video or something of a sexual nature within eyeshot to stimulate arousal. If nothing like that is around, it's suspicious. The photo does not show any obvious signs of sexual material in the area, however there appears to be something that looks like some sort of picture that may have been taped on the wall. We can't see exactly what it is.
Also -- the notion behind auto-erotica is that oxygen is restricted to heighten orgasm, but the subject generally has a ladder, stool or something like it to restore oxygen. The photo does not show a ladder or stool, but the body is almost in a sitting position. We do not know if any items were moved before the picture was taken.
One of the biggest mysteries -- the photo in the Thai newspaper shows that Carradine's hands are tied above his head (which we reported Friday), yet Thai police say no one was with him in the room. The question -- how's that possible?
As for the second autopsy, it's often harder to determine cause of death because the body has already been through a procedure, but the advantage of the second autopsy is that there's more info and, as one source put it, "you can be more focused in terms of what the issues are."
Now, as for life insurance -- most policies provide that the policy is void if the cause of death is suicide, but if it's an accidental death insurance companies are not only required to pay out ... some policies provide that the beneficiaries get twice the payout.
Short story .. a lot will be riding on the second autopsy.
Filed under: David Carradine
Tags: auto-erotica, autopsy, david carradine, DavidCarradine, dead body, DeadBody, death photo, DeathPhoto, hanging, life insurance, LifeInsurance
