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[url= http://www.guardian.co.uk/theguardian/2010/jan/30/michael-moore-capitalism-a-love-story ]- from Michale Moores movie on capitalism[/url]
"Early on, Moore sets out the meaning of "Dead Peasants" insurance. It turns out that Wal-Mart, a company with a revenue larger than any other in the world, bets on its workers dying, taking out life insurance policies on its 350,000 shop-floor workers without their knowledge or approval. When one of them dies, Wal-Mart claims on the policy. Not a cent of the payout, which sometimes runs to a $1m (£620,000) or more, goes to the family of the dead worker, often struggling with expensive funeral bills. Wal-Mart keeps the lot. If a worker dies, the company profits."
They bet on their workers dying? really? Or are they covering themselves for the cost of replacing key workers?
Do the workers or their families pay for the insurance? No, so why do you imagine that they should receive the benefit from them?
[url= http://en.wikipedia.org/wiki/Corporate-owned_life_insurance ]A source less full of B*llshit than Michael Moore[/url]
[url= http://deadpeasantinsurance.com/which-employers-bought-policies-on-the-lives-of-employees/ ]... and a URL containing the details of some other firms that have done the same thing[/url]
Wal mart is known as one of the most unethical companies mainly for it union busting activities
i wouldn't have said hiring a new shelf stacker incurs a $650k replacement cost to walmart?
Taking out cover for key workers is an entirely different kettle of fish to insuring the whole workforce
I wonder if they turn a profit on it?
I'll have to insure our window cleaner - it's tough to find one around here
when I've got the policy in place, he'd better watch his Ps & Qs or I may have to claim on it 😉
Not as nasty as our government and its death duties. At least Wal-Mart, slimy as they may be, aren't stealing from the deceased's family.
Most counties have death tax, inheritance tax - call it what you want
Are individuals named in these policies?
i think you need to name someone to claim on their death
You can also insure your workforce against pregnancy!
I quite like some Michael Moore stuff, but he's never really been one to let the truth get in the way of a good story.
A couple of points that make me quite skeptical about this story.
Firstly, insurance companies only stay in business by taking in more than they pay out. So whoever is providing Wal-Mart's insurance (if anyone is doing that) has to think that it is a good deal too.
Secondly, a company the size of Wal-Mart would probably be better off self-insuring for stuff like this. In other words they have so many employees that there are bound to be a number of them dying each year and that this will average out (which is what insurance does) so make it not worth paying an insurance premium.
So, FWIW I think the story is bollox.
They may have key person insurance for a few people, but not for the whole workforce.
But if you really don't like the sound of this, don't shop at Asda.
If that's the case, then I'm a little suprised that I could be named in a life insurance policy without my knowledge.
Has anyone checked to see how many Wall-Mart employees meet with an untimely and unexplained death?
aren't stealing from the deceased's family
😆
How are they stealing from the family? Did the family take the life insurance out in the employees name, pay the premiums and then WalMart took the payout?
BoardinBob - I think that you will find he is referring to the British Government's policy of grave robbing.
Doh!
Sorry 😳
I'm guessing they pay a death-in-service benefit (for some/all/grade), and have found that its cheaper if they insure the employees' life?
You can't make money that way - the premiums would exceed payout. Insurance companys aren't stupid.