Good Faith, Bad Faith and Insurance Profits
Posted Tuesday, December 11, 2007 by Ed Harper.
As an insurance policy holder, an insurance company is supposed to act in Good Faith. This means an insurance company has a duty to act in the following manner:
Honor your requests and assist you in resolving your claim
Pay or deny you claim within a reasonable period of time
Respond promptly to your requests
Provide notification in writing of the reasons they are not paying your claim
Bad faith insurance practices can include any of the following:
Not investigating your insurance claim
Unreasonably delaying the investigation of your claim
Not paying promptly benefits you are entitled to receive
Making an unreasonable low payment offer on your claim
Not disclosing policy limits
Not renewing your insurance policy after a claim has been filed
Terminating your insurance policy after a claim has been filed
Treating the insured as an adversary
Additionally, profits are up for insurance companies. Reports indicate that profits are at $73 billion for 2006. This is up 50% over last year and come on the backs of insured’s premium checks.
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- False Assumption - 9. My neighbor settled her own claim
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- False Assumption - 7. The pain has generally gone away
- False Assumption - 6. The insurance company for the other driver will believe me
- False Assumption - 5. My injuries are not that bad
- False Assumption - 4. I had prior injuries
- False Assumption - 3. The property damage estimate is accurate because a professional adjuster looked at my car
- False Assumption - 2. The other driver admitted fault for the accident, so I don't think I need to call the police.
- False Assumption - 1. Insurance company and insurance company representatives are on your side.
- 10 False assumptions that people make following an accident
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- Recovering from a car accident
- After a car accident, getting your bills paid
- Car accident anatomy 101
- Call the police after a collision and know your location when you call
- Injuries in Motor Vehicle Collision #2
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- Sound Transit: Obayahsi Construction Company failure to abide by safety rules leads to death
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- Recent CNN investigation points out insurance claims abuse
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