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Archive for Thursday, August 8, 2013

Applicants sought for African-American Monumental Life Settlement Scholarships

August 8, 2013

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Applicants are being sought for one $500 and six $1,000 African-American Monumental Life settlement scholarships students attending Kansas universities, colleges and community colleges during the 2014 spring semester.

Eligible students must be African-American, enrolled in an accredited Kansas higher education institution during the 2013-2014 school year, be majoring in mathematics, computer science, business, accounting, economics, finance or investments, and have at least a 3.0 college grade point average.

Each applicant must supply an academic reference letter from an educator at his or her school, write a one-page essay describing career goals and be available for an interview. Potential candidates can find the application online at www.ksinsurance.org/gpa/scholarship.htm.

The application deadline is Oct. 1.

Comments

bearded_gnome 1 year, 5 months ago

Applicants are being sought for one $500 and six $1,000 African-American Monumental Life settlement scholarships students attending Kansas universities, ...

---"monumental Life settlement" so, are these scholarships the result of a "settlement" suit? if so, please elaborate LJW.

elliottaw 1 year, 5 months ago

from the link in the last sentence

"The Maryland Insurance Department, during a company examination, identified a problem with the premium rates of Monumental Life Insurance Company (Monumental). The examination revealed that African Americans were charged higher premiums because of their race. As a result, Monumental agreed to a large financial settlement.

As one phase of the agreement, Monumental established an adjustment fund in the amount of $5 million. This portion of the settlement was for those insureds who were entitled to premium adjustments, but for whom Monumental no longer had records. The $5 million adjustment was divided among the states based on Monumental's estimate of the number of affected policies for whom the owners could not be determined. The State of Kansas received $19,149.56 as part of that settlement.

Insurance Commissioner Sandy Praeger advocated for establishing a scholarship program for Kansas African American college students with the state's share of the settlement. The Kansas Legislature passed a law designating the funds for the program."

Caitlin Doornbos 1 year, 5 months ago

The scholarships are result of a nationwide legal settlement regarding Monumental Life Insurance Company's practices of pricing life insurance policies based on race. In the 2003 settlement, Monumental Life Insurance Company agreed to pay $37 million to be split among more than 500,000 customers. As elliotaw pointed out, Kansas received $19,149.58 from the portion of the settlement divided among the states, which was then used to establish scholarships specifically for African-American students attending Kansas institutions of higher education.

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