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(NPR)   Insurance companies less enthusiastic about their business model after having to pay claims   (npr.org) divider line 8
    More: Obvious, Munich Re, State Farm  
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3375 clicks; posted to Business » on 05 Nov 2012 at 8:38 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-11-05 08:53:21 AM
3 votes:
Their business model is to take premiums, invest them, and use the profits to pay lawyers who make it impossible for anyone to collect on a claim
2012-11-05 07:11:38 PM
1 votes:
The really stupid thing about this is that they insure themselves against "disasters" through a place like Lloyd's. So if the numbers break a certain threshold, they don't pay either.
2012-11-05 01:08:12 PM
1 votes:
I work in the insurance industry as an agent. When it comes to your policies, don't just accept what the salesman/agent told you, actually read the policy, especially in part that said 'exclusions'. The policy is a contract that was accepted at will by the client, drawn up by the insurance agency. If you have a claim and the insurance company denies it and you take it to court, the judge is going to look at the contract/policy and rule based on that, nothing else. Case in point, I have a friend who's father was dying of cancer. He had a life insurance policy and a cancer rider attached to it. The agent told them not to worry, this was all they were going to need. Her father dies of cancer, they open up the policy and find that under 'exclusions', cancer was listed. So the life insurance policy wasn't going to pay, even though the agent said it would. Then they read the cancer rider, it also listed cancer under the exclusions. So they were paying money for a cancer rider that wouldn't pay out on a cancer death, even though the agent said it would. So the family got nothing and are suing that agent and that company. They also filed a complaint against the agent with his state to strip him of his license. I don't know if that's going to work or not.

Another thing, when it comes to insurance, you get what you pay for. Don't be surprised if that insurance company that you've never heard of with a C rating with the BBB never pays. New York Life may be more expensive, but they've got enough money that if they had to pay every claim tomorrow they'll still have over $18billion. Primerica is far from one of the best places to work, but their life insurance is one of the best. Both New York Life and Primerica paid death claims to the families of September 11th. Primerica really had no choice, their only exclusion is to not pay on a suicide on the first two years of a policy. New York Life has the common exclusion of not paying if death occurs in a war zone. So they didn't have to pay, but they did anyways because they decided that it was the right thing to do.

Coverage with AFLAC is needed. If your boss doesn't want to offer it, call an AFLAC office and ask for a direct sell. If you're hurt or injured and can not work, you're not bringing in any money or not equal to what you were making, but your bills are still there and still need to get paid. Major Medical is not going to help you make the rent or your car payment. I recommend AFLAC because they did supplemental insurance first and they pay most claims in under a week. I read a statistic last week that of the people who had to file bankruptcy due to expenses caused by medical issues, 75% had major medical insurance. The bankruptcies were due to the other bills like housing, car, student loans, credit cards, etc...

If you buy, for example, flood insurance and never read it, never take it out of the plastic bag it comes in, and read after you've been flooded out of your home, that flooding is never covered, I have no sympathy for you. Always read your policies and if it is a case where it's a flood policy and it says "doesn't pay in the event of a flood" or it's a life insurance policy that excludes just about any type of death, you need to find out instantly so you can either turn it down on the spot or drop it instantly and find a company that will actually protect you.
2012-11-05 12:38:20 PM
1 votes:

mjohnson71: I wouldn't mind if premiums for houses on the beach went up ten-fold. It's not my fault you decided to build just a few feet above sea level/a few yards from the ocean.


But but but then prices will go up!!! We need the NFIP to make sure that rates for extremely risky property stay low, through taxpayer subsidization. People who build or buy property in risky areas should never have to pay for the true risk of their waterfront property. That just wouldn't be fair!!
2012-11-05 11:40:44 AM
1 votes:
Always love insurance threads. All the outrage and butthurt oozing from people who pay for a certain coverage and then, when they do have a loss, they go look up what they bought and find the loss wasn't covered in the way they thought. Then, of course, they blame the insurer, their Agent, the 'small print', basically anything except themselves.

...but...but...but the insurance company is ripping me off! They're making Zillions! They take my money and refuse to pay! They're making me fill out a form that's complicated fercryingoutloud!

Amazing as it may seem, insurance companies aren't really allowed to take your money then not pay if what they insure suffers a legitimate, covered loss. If it's not a covered loss, they can - and will - tell you to go eff yourself.

/yes, I do work in the insurance industry.
2012-11-05 10:16:10 AM
1 votes:

KrispyKritter: and then they raised our rates through the farking roof.

this was the 3rd time our house was damaged by neighbors trees


Would you want to insure a house that keeps getting hit by trees?
2012-11-05 09:47:20 AM
1 votes:
HotIgneous Intruder: If the wind rips off your roof and the rain, which is wet, floods your house, does regular insurance pay or do you need flood insurance, too?

If rain damages your home through an opening created by a covered cause of loss, then it is covered.


This being said, you have to try to stop further damage where possible. If a tree puts a hole in your roof and 4 days later it rains and causes water damage, that may not be covered. You should have had a tarp put onto your roof.
2012-11-05 09:07:03 AM
1 votes:
A contract is a contract corporate biatches.
 
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