Financial Insurance Companies
Financial Insurance Companies
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Common Tactics by Insurance Companies Can Cause You to Lose Your Accident Claim
Everyone knows that it can be extremely difficult to work with an insurance company after an accident. Sometimes, it feels as if you and the insurance provider are speaking two different languages. Often times, insurance companies will use certain “tricks of the trade” to avoid paying your claim. The tricks seem simple enough, but can end up costing you a large amount of money.
One such trick insurance companies use is confusing their customers. Insurance policies are written in incredibly difficult and dense language. Unless you are familiar with difficult legal and insurance jargon, these policies are nearly impossible to interpret. The South Carolina State Supreme Court said it best: “Insurers generally are attempting o convince the customer when selling the policy that everything is covered and convince the court when a claim is made that nothing is covered.”
In an effort to aid consumers, lawmakers have passed “plain English” laws that require contracts to be written more simplistically. However, many Americans are still not fully aware of the intricacies of their insurance policies and contracts. Insurance companies still use obscure language in their contracts to confuse their clients.
Another trick in the insurance companies’ arsenal is using your credit score against you. Your credit history can have a harsh effect on your premium costs. Sometimes, your score can even prevent you from qualifying for any insurance at all. This can hurt many people, even those who are fiscally responsible. For example, many people pay all their bills on time but do not have extensive credit records. Those who have not borrowed much money over the years may have lower credit scores by no fault of their own. Yet insurance companies may use this as an excuse to demand higher premiums.
Using credit scores as a measuring tool can be detrimental to many. Some people find themselves in financial straits from time to time. Insurance companies use these rocky times in a person’s financial history to justify increased premiums, assuming a poor credit score equates to a poor or irresponsible driver.
Another problem with this method is that credit scores can sometimes be unreliable. A recent study found that 79% of credit scores contain errors. The same study reported 25% of those errors were very serious. Also, relying on credit scores to determine premiums is disadvantageous to the poor and to minorities, many of whom do not have enough of a credit history to create a credit score.
These tactics insurance industries use can be harmful to the average consumer. Make sure you are not caught unaware by your insurance provider.
About the Author
Kenneth L. Christensen founded The Christensen Law Firm, PLLC, a personal injury law firm in Salt Lake City, Utah. He specializes in car accident, dog bites, wrongful death and serious injury cases. Learn more about Mr. Christensen at http://www.utahpersonalinjurylawfirm.com and http://www.utahaccidentlawfirm.com . You can also read his blog at http://www.utahpersonalinjurylawfirmblog.com
what is used by Life Insurance Companies in investing?
is it capital? or the premiums? those that appear in the financial statements of a company under investment income. what do they use in investing in these? thanks.
Insurance companies have huge reserves so they have the flexibility to use both capital and premiums and then re-insure them or hedge with sophisticated options or futures contracts, to manage the downside. Investment income are then used to invest further, return to investors as dividends or to buy back their stocks.
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