Word: mutually
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Dates: during 1970-1979
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...Though he could walk, he was no longer able to work. But Egan thought he was protected: he had taken out an insurance policy that guaranteed him $200 a month for life in the event of a totally disabling injury. He did indeed start getting checks from his insurer, Mutual of Omaha, but after a while a Mutual claims adjuster began harassing him as a fraud and malingerer. In 1971 the company decided that Egan, who had a history of back trouble, was not disabled by his injury after all, but rather by an illness. Under his policy, that entitled...
...suing insurance companies for dealing in "bad faith" with their customers. In 1974 Shernoff not only persuaded a jury to award Egan $123,600 in damages for lost benefits and emotional distress, but he also won a whopping $5 million in punitive damages. That was a blow to Mutual's image as well as to its pocketbook: under California law, punitive damages are awarded to punish and deter "oppression, fraud or malice...
Insurers have taken some comfort from the latest turn in the Egan case: the California Supreme Court has ordered the punitive award to be cut. Noting that the $5 million sum amounted to nearly 60% of Mutual's 1974 net income, the court said that the award was bloated by the "passion and prejudice" of the jury. A new trial must now be held to set a fairer award, but the decision left no doubt that courts could continue to exact punitive damages from insurance companies...
Savings inflows at the nation's 5,000 federally regulated savings and loan associations dropped to $1.5 billion in July, down from $2.8 billion a year ago. The state-chartered mutual savings banks have lost more than $2 billion in deposits since January, $725 million just in July...
...policy in the Middle East and over what that policy should be. The disputes set off dangerous waves. Leaders of black and Jewish organizations, still at odds over the resignation of Andrew Young as U.S. Ambassador to the U.N., held a series of meetings that ended in mutual recriminations...