Robin Hood of Las Vegas

Los Angeles, Dec. 27: Their three-year-old daughter, Madison, had been diagnosed with a brain tumour and they were $35,000 in debt.

But when they heard what the caller had to say, they broke down in tears, hardly able to believe their ears. He was a mysterious, high-rolling Las Vegas gambler who had been choosing needy families to give them his winnings. “You have been chosen,” the voice told the Keglers. “I’m flying you to Vegas, and I’m going to win your money for you.” What followed seemed like a dream. A stretch limousine to the airport, first-class flights and a Rolls Royce to their 8,000 square-foot suite in the Palazzo hotel. There, Kegler, 48, and his wife, 29, were met by their benefactor, who promptly staked huge amounts of his own money in a marathon card session.

It wasn’t plain sailing on the blackjack table, despite his confidence: the Keglers saw him go down hundreds of thousands of dollars before he managed to hit a winning streak and recover.

When he was $35,000 up he quit the table, and handed the proceeds to the Keglers in a giant bag of hundred dollar chips. “It completely changed everything,” said Kegler’s wife.

Since the episode a year ago, which has become part of Las Vegas folklore, rumours have swept Sin City about the identity of the secretive card player who wants to give his money away. He is even said to have been spotted handing out hundred dollar bills on the Las Vegas strip.

So who is this gambling Good Samaritan? He calls himself “Robin Hood 702” and runs a website on which he promises to milk the casinos and give the proceeds to the poor. The number 702 refers to the Las Vegas postal code area. Anyone down on their luck is invited to send in their story and, every so often, “Robin” selects someone to help.

The only criterion is that the amount they need must not exceed $50,000 — he isn’t that wealthy. As well as the Keglers, he also recently selected a woman from Charleston, South Carolina, who had run up medical bills caring for her elderly parents and won the $20,000 she needed. In April he offered to pay for a holiday in Las Vegas for the crew of the Maersk Alabama, the US ship attacked by Somali pirates.

Little is known about “Robin”. He has given television interviews, but with his face in shadow. He is known to be teetotal, white and tall. He prefers to dress in jeans and a T-shirt. Casino bosses regard him as a “whale”, one of the elite high rollers for whom nothing is too much trouble. He has won and lost six-figure sums in a single night.

His aim, he says, is simple. “I’m going to take the dark side associated with gambling and use it for good”. He plans to select another hard-up family to help in the New Year and he has plenty to choose from: there have been as many as 300 applications in a single day to his website.

I wish there is Good Samaritan like "Robin Hood702" in everyone's life. MayGod bless us all.

Source:  The Telegraph,Kolkata. 28/12/2009.

Some Important Things You Must Ask Your Insurance Agent Before You Sign Him/Her On.

Buying a life insurance cover is easy, finding a sincere agent is not easy. It doesn't make your job easier that a Supreme Court verdict held that the Life Insurance Corporation of India (LIC) cannot be held accountable for its agents' actions.

 Fact is, you have to depend on your agent & he identifies the right policy for you, collects the premium cheques from you when they are due, and is your insurance newscaster. In short, he is more often than not the sole link between you and the Insurance company.

There are more than 10 lakh + of them to choose from and the idea is to identify the con artists and put them at an arm's length before they get you. Their disqualification by the tens of thousands every year tells a sordid story of the ways of Insurance agents.

An unscrupulous agent could sell you the wrong policy, or lie that he got you a loaded premium or encash the premium cheque in his favour, or be untraceable when needed.

LIC won't share the blame. At the most, it will terminate the services of the agent. And he will join the ranks of more than 1 lakh agents the Corporation debars every year. The main reasons are failure to meet business quotas and alleged malpractices. 

In 1995-96, LIC terminated the services of 1.17 lakh agents. But the termination will not solve your problem. It will only aggravate it, for you have to find a new agent, get hold of old records, tally the numbers and recalculate premiums.

How do you avoid these problems? By sitting him down and asking a few simple questions. How he answers them should decide whether he gets your business.

Are you from the neighborhood?

An agent knocks at the door. After the initial courtesies, ask him whether he lives in the same area as you do. That will help you verify his antecedents, contacts and standing in the profession. You could compare notes with other people in the neighbourhood and be forewarned against erratic, irresponsible agents.

However, there is a problem with over familiar agents. Don't buy insurance because you have to oblige someone. It's your money-and your life.

Are you real?

No metaphysical twist there. Just ask him if he is a professional agent-a full-timer, in other words. There are many amateurs, part-timers and proxies masquerading as authorized agents in the business, hoping to make some money on the side.

Many have less than a year's experience. Any matriculate can be an agent, and Life Insurance Companies outdated yearly business quota system encourages unprofessional oddballs into the business. Buy policies only from professional agents.

What if the agent says he is a full-timer and you are still not convinced? 

In that case, ask when he is available for his clients. If it is before or after normal office hours, you can be sure he is a part-timer. Non-availability during these hours is fine only if he gives a branch number where he can be contacted during the day. Be particular to check that he is not acting on somebody's behalf.

How many years have you been in the profession?

If the answer to the last question was in the affirmative, ask him how long he has been an agent. A matriculate could get in and out of the profession inside a year. Or work for five years to qualify for renewal commissions. Sources say only about 9 per cent of LIC agents have 10 years' experience. Remember, your policy term will be longer than that.

Do you have an office?

Never mind if he works out of a room in his flat or a coop in some dilapidated building. If he has an address he calls office, he means business. If it is "at this number between 10 am and 2 pm, and after 6 pm at my residence", he is not the guy you want.

Which branch do you work for? Who is your development officer?

You know that agents work for development officers attached to a particular LIC branch. Take down the name and telephone number of the officer, and make a call to double check.

You can even visit the branch and chat up the officer on your plan to buy a life cover-and learn more about LIC and its products from him. Also, you know where to make a complaint (branch manager is the first stop), if you have any in future.

Can I have the names of a few clients?

So far so good. Time to ask for references: names and phone numbers of a few clients. Make a few calls now to casually enquire how thorough and prompt this agent this. If it turns out that most complain about him, you know what to do.

Do you have experience of claim settlement?

A 'claim' occurs either on maturity of the policy or on the policy-holder's death. Almost all the insurance companies are fairly prompt in discharging maturity claims.

To ensure prompt disbursal of maturity claims, your agent must remember exactly when it is due, and make a few queries at the branch at the right time. However, successful death claims are the true measure of an agent's resourcefulness and ingenuity in arguing cases.

This is because Life Insurance Companies uses its discretion in passing these claims-and rejects many every year.

Why did you choose this policy for me?

Okay, you have settled for him/her and worked out the insurance sum amicably. Now, he/she will advise you on the policy that best suits your needs. Ask why he/she advises one, or rejects another. Helps if you know a bit about insurance policies and how they work, but if your agent is good, you wouldn't need to.

 Life Insurance Companies does not print prospectuses with full details, so make an effort to understand the product you are buying. You could also ask for a written proposal or printed illustration and cross-check with another agent.

Could the premium be lower?

The rebate you are entitled to depend on your age, health, the policy term and the sum assured. Did he/she ask you about your medical condition of present & past?

If he/she hasn't, chances are there that premium amount may be inaccurate.

Alternatively, he might have randomly provided for illnesses and disabilities where none exist, in which case you would be paying more than required. Insure yourself against such possibilities by verifying with other agents, or in a branch office.

If the policy includes an accident cover, the premium would on an average go up by Re 1 per Rs 1,000 of the assured sum. On a big policy, this would be a substantial difference. If you are paying it, make sure the policy you have bought includes accident cover.

If your agent offers to collect the premium cheque (it is not his duty), make sure the cheque is made in favour of Life Insurance Company, and the policy number is written overleaf. Never pay cash. Check your bank statement to see how promptly he deposits the cheque. Always, as a rule, insist on receipts.

Don’t buy insurance from the first agent you meet


Insurance is not a vacuum cleaner you buy soon after a demonstration. Also, it is not just a one-time purchase. You constantly need to evaluate your risk and enhance your cover. The first agent is just a stepping stone; acquaint you with the basics before settling for just a Rs. 50,000/- (average policy in India) and feel secure.

Don’t follow the crowd


Bought a plan because that is the only one my agent suggested, my friend also has the same one:

Your friend having a plan doesn’t mean you should go for a similar one. Always ask your agent questions. Don’t let him dump policies that would give him the highest commission. You should get a cover that suits your risk profile.

I just bought a cover two years ago:


The issue is not the periodicity of purchase, but adequate cover that really matters. Got a promotion or increment lately, got married, or got a kid? Each of these occasion calls for reviews your risk profile and new additions. A good agent would be invaluable help here.

Term plans, not for me:


Ignoring term plans for endowment plans is a common mistake. True, they will not give you a fancy addition on maturity, but are cheaper and yield substantially on death.

To put it differently, you like endowment plans for saving part of it; for the same reason they are costly. What if you can’t afford them? You are definitely better off with a term plan rather than being underinsured.

Preferring a moneyback plan without noticing the higher premium: regular payments of survival benefit sure do look attractive, but they are costliest among insurance policies. You can’t justify the higher premium if you are not specific about utilizing the money.

Lastly I must say sincerely try avoid buying your insurance policy from any corporate agent. They always sell the policy with their own recipe.

There is a high risk of getting any after sell support which is very much important ingredient in life insurance industry world wide.