Archive for the ‘Insurance’ Category

Driving Uninsured in Colorado: It’s Not Worth the Risk

Car accidents are devastating—but are made even worse if you or the other driver is uninsured. In 2012, 16.2 percent of Coloradans were uninsured, higher than the national average of 12.6 percent. There’s no way to ensure the other driver hasn’t skipped out on car insurance—but at least you can make sure you’re protected.
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What to know about bad faith insurance actions

Colorado ranks second only to Texas for the number of insurance claims filed due to hail strikes on homes, property and cars over the past three years, according to the National Insurance Crime Bureau. In Colorado, hail-related insurance claims numbered 182,591 between 2013 and 2015, accounting for 9 percent of the U.S. total, even though the state only accounts for 1.7 percent of the country’s population.
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What you need to know to battle bad faith insurance denials

“You were in an accident. Nobody was hurt. But they’ll still be pain.” This familiar refrain from the latest Nationwide auto insurance commercial is all too common to many drivers who have had their insurance claims denied. While some claims, such as full car replacement, are specific to certain policies and may not cover every driver, auto insurance companies are required by law to honor the policy you do pay for. But it’s probably no surprise that insurance companies save money by denying claims. This does not mean they are always dishonest, but it does mean that when in doubt they will deny your claim. An investigation conducted by CNN confirmed that insurance companies are taking a hardline in denying claims, and sometimes that line gets crossed into bad faith practices. In fact, a former Allstate and State Farm employee, Jim Mathis, admitted to CNN that insurance companies routinely rely on the “three D’s” – denying a claim, delaying settlement, and defending against a claim in court. “The profits are good, and as long as the community, the public allows this to occur, the insurance companies will get richer and people will not get a fair and reasonable settlement,” said Mathis.
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Insurance companies denying benefits in bad faith

We all know that dealing with insurance companies can often be stressful, frustrating and downright unpleasant but things can get even worse when an insurance company acts in bad faith by denying or delaying claims under a policy. According to a study by the U.S. Government Accountability Office, as many as 25 percent of insurance claims are denied and a U.S. Congressional investigation revealed that the nation’s four largest for-profit health insurers denied coverage to more than 651,000 people over a three-year period. Many of these insurers are acting in bad faith by denying benefits.
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Understanding Insurance Claims and Personal Injury

It can be difficult to comprehend that a dollar amount could be attached to pain and suffering or that the loss of a loved one could somehow be reimbursed. As delicate a situation is as this, compensation is sought in an effort to recover damages. For example, a person who is liable for an accident may need to cover medical expenses, pain and suffering, time lost from work, other lost income, permanent physical disability, disfigurement, emotional damages, loss of family and other losses. This compensation amount, or initial claim amount, is determined using a formula. Insurance companies must assess how much a claim is worth. The total amount of compensation is usually influenced by additional factors as well.

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Bad Faith Insurance

Good insurance can sometimes seem like an oxymoron. Insurance, by its very definition, is protection. When you buy insurance, it’s to protect yourself from loss, whether it’s related to your car, your home, your belongings, or your business. Should anything happen to the items listed on your insurance policy, you expect the insurance company to pay for the loss according to the agreement laid out in that policy. It may not even occur to you that the insurance company might refuse to pay a valid claim. The sad fact is that despite having what sounds like an ironclad contract with an insurer, you’re really taking it on faith that they’ll pay you if and when the need arises. Insurance companies that refuse to fulfill policy terms are said to be acting on bad faith.

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Governor signs landmark “Make Whole” bill into law

Colorado Governor Bill Ritter recently signed House Bill 10-1168, also known as the Make Whole bill, into law. The new law offers more protection for consumers from unfair insurance practices, particularly those instituted by health insurance companies.

For example, if a person is injured in a car accident, the person at fault may not have enough insurance coverage or money to fully pay for the injured party’s healthcare costs, attorney fees, and other expenses. In the past, the health insurance companies covering injured parties required that they be reimbursed for their up-front payments before the injured party received any sort of compensation outside of medical bills. They levied this requirement even if it meant there would be no injured party compensation at all.

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Insurance Company Secrets: Delay, Deny, Confuse & Refuse

Many of us naively believe that our insurance providers, whether they provide medical, car or home insurance, are here to provide a level of protection for when an accident, illness or tragedy occurs. We assume that that because we’ve paid our premiums that the insurance companies will fulfill their promise to provide financial relief.

In a newly released report from The American Association for Justice (AAJ), “Tricks of the Trade: How Insurance Companies Deny, Delay, Confuse and Refuse”, describes the ways in which insurance companies boost their profits at the expense of consumers. This is a follow up of the AAJ report “The Ten Worst Insurance Companies in America”.

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Colorado House Bill 1407 Keeps Insurance Companies In Line

We’ve all been there, or we know someone who has; feeling the frustration of waiting for an insurance company to decide on a claim, or seeing an offer that is substantially less then your expenses come in, or having a legitimate claim flatly denied. Sadly, up until recently, there was little that could be done about it. Sure, there were a few lawsuits that you could file, a few complaints you could make, but all of these had huge obstacles to success. Basically, unless things were horrendously and catastrophically bad, unless the insurance company was behaving in an almost criminal manner or endangering the public, there was nothing to be done. At the end of the day, you just had to take it.

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