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After accusations that several insurers have underpaid families of those killed in action, one company is considering changing how it allocates death benefit payments, Prudential Financial Vice Chairman Mark Grier told CNN.

Prudential may give families the option of accepting a direct lump-sum check, Grier said.

New York Attorney General Andrew Cuomo launched a fraud investigation into the life insurance industry for "practices that appear to have denied grieving military families and others of millions in life-insurance cash," Cuomo's office announced Thursday.

The attorney general's office probed the industry the day after the finance publication Bloomberg reported the insurance companies potentially exploited fallen soldier's families.

Bloomberg said some insurers tell families of fallen military personnel that policy payouts will be placed in an interest-bearing account. But the bulk of the interest benefits the insurers, and the cash is not placed in banks insured by the Federal Deposit Insurance Corporation (FDIC).

Insurers place cash in their corporate accounts, reportedly earning up to 4.8 percent interest while paying families as little as 0.5 percent interest, Bloomberg reported.

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Hippie Operative Nikovich Nikita Nicovna Talibani,
Contracted Agent of Veritas Oilspillus, code name “Nike”,
signing off