 Paid Dr. Copay and STILL got billed.? |
| Ok, I am sick of this blue cross insurance I have. I went to the doctor and talked to him for maybe 5 minutes. He did not do anything, did not prescribe me anything. I talked to him about the ... |
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 What if I upgrade my car insurance because someone threatens to mess up my car? |
| An old roommate stole a lot from me the day he moved out. I've been waiting 5 days for the police to take the report (they're busy according to them). In the mean time I contacted him ... |
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 What company you would recommand for Health and Life insurance? |
| I am a twenty-four-year-old single black female who does not smoke or drink; has no known health problems; and does not have any children.... |
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 Hit a fence with my car, I have about $2,000 in damage, if I file a claim ($500 deductible) will insurance go? |
will my insurance go up? I've only been with my company 6 months and just renewed for another 6 months. I haven't had an accident prior to this in over 5 years.
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 Are there any over 40s life policies in the Uk? |
| Often there are ads on TV for guaranteed over 50s life insurance plans where everyone is accepted without a medical. Is there anything similar for over 40s?... |
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 Is my job being horrible or am I overreacting???? |
| IMy family has never had health insurance. (3 kids) I was offered a job in Sept 07 and was told they would insure my family with very little payment on my part. I had to wait to get past the 3 months ... |
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 Life Insurance Quote? |
| What is the best way to get a life insurance quote from numerous companies? I want o make sure that the prices I get are the actual price that they will end up charging me. What is the best website ... |
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 Which Insurance company is best for Whole Life Insurance ? |
I have search only 2 big compnay Metlife and New York Life.
I am 24 years old and want that whole life insurance for my life.
So i want to know which compnay i need to choose for whole ... |
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 Who pays the medical bill if i decide not to settle my personal injury case? |
Additional Details
I was told that a lien will be put against
my settlement and that i can get my
personal medical insurance to pay along
with my auto med pay in order to ... |
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 Life insurance benefits? |
| I have to sign up for benefits at work and am wondering how much life insurance myself and husband should have, is there a certain percentage or rule to go by. We have 2 children a 13 and 15 year old.... |
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 How can I find out the named insurer for a nursing home if they won't give it to me? |
I want to notify the insurance company of the situation at the nursing home. my dad died needing cpr and cpr was not administered when he had a full code. it has been reported to the state.
A... |
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| Insurance ripped me off? |
| i had 2 cars insured in my name i was involved in a accident i got med pay for one car is that right was i suppose to get med pay for both ... |
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 Can someone please explain what EXACTLY a health insurance deductible is/means? |
| I am really confused about what a deductible is (regarding health insurance). I am new to the insurance thing. My new policy has a $500 deductible. I assumed this meant that I would have to pay the ... |
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 What happens if I want to make an insurance claim but there was a gap in protection on my policy? |
| I have got response that I should report an accident to my insurance company but at that time I wasn't insured. My policy was cancel but I just got it reinstated today. The accident was ... |
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 LIC Policy suggest me good policy ? |
| my age is 28 year,& i want to take one good lic policy.i am unmarried plz suggest me good policy for that,... |
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 Is Direct Travel insurance a O.K company to insure holiday with? |
Its for a 2 week break 2 mexico.
just wanted to know if its a established,respectable company thanks?... |
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 Anyone know whats going on with my insurance quote? |
| I am REALLY confused about these quotes i got, i have my test booked for the 10th of december and i am thinking about insurance so i got a quote for me on my dads car, the original quote for me (... |
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greg_lang2006 | How are insurance companies legal? |
You pay premiums for insurance but the second you get into a wreck, what happened to all that money i had paid before? Why are my rates going higher, i thought that is why i am paying for insurance for the eventual car wreck. To me most insurance companies are legal scams. Example, Now a judge ruled that Katrina surge damage isnt protected under the insurance. If you are paying for flood insurance i think that definitely falls into that category. I can believe that a company wouldnt cover its inusred after such a catastrophy. What kind of business or moral ethics are those? |
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Jay S
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Insurance exists so people can "share the risk." Imagine a very small insurance company that insures 1,000 cars. If in an average year 40 of those cars are involved in accidents, with an average loss of $10,000, the company will have to pay out $400,000, and charge a premium of $400 a year just to cover the losses. In practical terms, they also have to cover other costs such as office rent, computer costs, employee salaries, etc. The Investors who have placed their money at risk by owning part of the company will also expect the company to return a modest profit to them. The actual premium for our hypothetical company might be $500 or even $600 per year.
Now, let's take it one step further. The insurance company can look at their past experience, and know for instance that single males under 25 are more likely to have accidents that the rest of their customers. Our hypothetical company can lower the rate it charges to most people, if it segregates the high risk customers into a separate group. Let's suppose 10% of the customers are in the high risk group, but cause 50% of the accidents. so now we have 100 policies that are responsible for 20 accidents and $200,000 in losses per year. Those policies are now going to cost over $2,000 per year. The other group of 900 policies are responsible for another 20 accidents and $200,000 in losses, but those policies can now be $222. plus overhead.
In the real world there are dozens of risk factors, and the more that apply, the higher the premium goes. These factors work against the concept of sharing the risk, but they are "fair" to the low risk customers, and create an incentive for people to drive with care. |
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Suzanne: YPA
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Insurance premiums should not be viewed as a bank deposit you can withdraw later on! Premiums paid in don't necessarily require that claims must be paid out, unless the loss is covered.
Rates are determined by the loss (claim) ratio for all folks who have a policy like yours in your state. If you rates are climbing due to no fault of your own, you should blame the crime and accident rates in your area/state.
The Katrina claims were denied correctly. This ruling pertained to a husband and wife who only had Homeowner's insurance. This type of insurance excludes -- in BIG letters -- losses caused by or resulting from a flood, including storm surges. (They did win minor damages because the insurer incorrectly denied their claim for wind damage.) In order to be protected in the event a flood damages your home, you must purchase Flood Insurance, which these folks didn't do. Requiring a Homeowner's policy to pay for flood damage is like insisting your health insurer pay for something that's excluded, like a cosmetic procedure. |
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Annie
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I like a lot of these answers. I hate it when people think of insurance as illegal. The way I always explain it is, you pay some each month to cover yourself if you are ever in a terrible accident that costs thousands upon thousands to recover from. Yeah, sure you're premium may go up $50 a month after it's said and done. But would you prefer to be reasponsible for the $200,000 hospital bill, $25,000 auto repair bill, and misc. expenses instead? I think not. It's a safety net. It's there to protect you when you really need it. Not so much when you have a brain lapse and run into your 2006 Ford F150 with your lawn mower. |
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fuellover2002
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You are buying insurance to protect yourself from an event that is low in frequency and high in severity. The insurance company has underwriting guidlines that protect themselves from everybody filing losses that are low in severity and high in frequency.
For example, if everybody in the world filed small claims all at once, the insurance company would become insolvent and would not be able to insure those with high severity losses. That is why deductibles exist. The insurance company wants to give you incentives not to file a claim unless you have to. |
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xpo158
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Hello --
I work in the Life and Health Insurance industry so I don't know very much about Property and Casualty Insurance.
But by Definition Insurance is a Transfer of risk to another entity for the cost of a premium. Basically instead of having the burden of paying for any liabilities if there is an accident, that risk is given to the insurance company for the many that you are paying.
The Premium is how the insurance company makes money and it is usually pooled with other monies to be invested in order to pay for future claims, especially the extremely costly ones involving death and liability in accidents.
Why are rates going higher? Here I can only speculate. If speaking about auto, it is normal for rates to increase if you have a history of making claims (ie getting into accidents, getting moving violations, etc) Otherwise, they cannot raise your (specifically YOU) rates. They can however raise rates for an entire class. Such as the people in the city of XXXX because of an increasing amount of accidents. Usually there is a long process for an insurance companies to increase class rates. They must show evidence to the state that financially they cannot maintain the insurance or their business without increaing rates.
Regarding Flood and surge, I don't have an answer for you-- I would speculate that surge damage would fall under your home owner's insurance, not flood.
Business or moral ethics? I don't know what company you have insurance with. Many of the large, 100+ year old companies are very ethical and client centric (after 100+ years its probably the most valuable thing the company has) But companies must still make good business decisions and abide by what is written into the policy. If there is wording that is disputed that's where the judge comes into place. The Insurance company must still remain profitable (or at least break even) in order to still pay all of its employees and staff, and still maintain it's stash of money in case other claims are made elsewhere.
Isn't that fair?
Just my thoughts |
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indypcguy
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Read your policy... |
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Babyofmine
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To start, ask yourslef this Question: If you had up the total amount that you have paid in insurance in 5 years does it even come close to 20,000.00?
I am going to bet you answer to this is no! The reason I ask is because the average person files at least one claim every 5 years and that average claim , you guessed usually 20,000.00 or more for the pay out.
Now, Insurance is a pool of shared risk and your rates are determined by the type pf risk you are. Insurance companies when you start with them ask you several underwriting questions ( you are probably one of those people that have a hard time giving info) they ask these questions to make sure that they are not going to over charge you. Most insurance companies try to put in the risk group that you qualify for so you are not paying for high risk drivers if you are a prefered driver. Also insurance rates are based on location, age groups, occupation, credit, education, homeownership, tenure with current and past companies, accidents, tickets, suspensions, and coverages. They try to use anything to show responsibility.
When you pay your insurance you are putting money into the shared risk pool. These pools are created so that the insurance companies can actually pay claims.
SO, yes if you have an atfault accident then your insurance is going to go up and rightfully so. You are now a different risk and you have not paid anywhere near what the insuarnce company just paid out.
As, for Katrinia, The Homeowners insurance company was not insuring the levys and if the levys had been properly maintanced they would not have broken. This is not the insurance companies fault, so whay should they have to pay? The city is at fault. |
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mbrcatz
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Yep, Katrina surge damage is flood. Flood isn't covered under fire policies. You need a flood policy.
If you buy a Ford, you don't get a Cadillac. If you buy a red shirt, you don't get a blue shirt.
If you have an accident, you're more likely to have a second accident. Why should people without an accident pay the same as people who drive more carelessly? |
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TigerLilly
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I hate insurance companies. |
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