Insurance Companies Make Money By Not Paying Your Claim

We’ve all seen the television ads showing insurance agents meeting their policyholders at the seen of an auto accident at 3 a.m. and getting their claim paid the next day. While that actually may happen, the truth is that those situations are the exception and not rule’ because insurance companies make money by not paying your claim.

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Insurers’ Secret Reserve Estimates May Not Be So Secret After All

When you’ve been in an accident, your insurance company will review the claim and place a tentative dollar amount on the loss. That dollar amount is known in the industry as a reserve and is generally kept a secret. However, some courts are ordering that those reserve amounts to be revealed in order to prove bad faith insurance practices.

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