Cloudy with a near-normal chance of hurricanes this season

Sat Aug 11th, 2012 on     Homeowners Insurance,    

Back in May, the National Oceanic and Atmospheric Administration predicted the 2012 hurricane season would feature nine to 15 named storms, with four to eight of them becoming hurricanes. One to three of those hurricanes, NOAA said, will become “major” hurricanes, marked by winds of 111 mph at the very least. Overall, the agency said there was a 70 percent chance the season would be “near normal,” as forecast.

An academic question: Is tuition insurance worth the investment?

Sat Aug 4th, 2012 on     Insurance Claims,    

College students and their families have substantial amounts of money invested in their college education. Unfortunately, sometimes a student has to drop classes and withdraw from school during a semester because of unforeseen injury or illness. In most circumstances, colleges and universities will not refund the tuition — or will only refund a portion of it — for the classes not completed.

Life insurance claims denied, families of vets sue feds, Prudential p4

Thu Aug 2nd, 2012 on     Insurance Claims,    

Four families have something awful in common: Each lost a loved one to suicide. Those loved ones were all veterans who had recently separated from the service, and their families believe they all suffered from post-traumatic stress disorder when they died. The families were surprised when the U.S. Department of Veterans Affairs and Prudential denied the life insurance claims — they knew that the government carried life insurance for service members, so why would these claims fail?

Life insurance claims denied, families of vets sue feds, Prudential p2

Sat Jul 28th, 2012 on     Insurance Claims,    

We are continuing our discussion of a federal lawsuit filed against the U.S. Department of Veterans Affairs and Prudential. The insureds in the suit were veterans of the Armed Forces who committed suicice. Their families believe their suicides were the result of Post Traumatic Stress Disorder. They also believe that the VA and Prudential should have paid on the veterans’ life insurance policies. The VA and Prudential disagree.

Life insurance claims denied, families of vets sue feds, Prudential p3

Sat Jul 28th, 2012 on     Insurance Claims,    

We have been talking about life insurance and the Armed Forces. A group of four families has taken the U.S. Department of Veterans Affairs and Prudential Financial Inc. to court over payment of life insurance benefits. The defendants say the deceased family members, all former active duty military, were not covered because they did not complete the appropriate paperwork.

Life insurance claims denied, families of vets sue feds, Prudential

Sat Jul 21st, 2012 on     Insurance Claims,    

In a lawsuit filed in federal court, four families of military veterans claim that the Department of Veterans Affairs and Prudential Insurance owes them restitution. While we often — perhaps too often — come across complaints that an insurer has failed to pay a life insurance claim, there is more red tape to this case than to most. And there is red tape that Florida’s military families should know about.

Citizens’ rate hikes not met with open arms or open wallets

Wed Jul 18th, 2012 on     Homeowners Insurance,    

Executives and board members of Citizens Property Insurance Corp. may not have gotten the reception they hoped for at a recent public hearing. Florida’s state-backed insurance company told the crowd at the Miami meeting that rates will go up again next year as the company struggles to address its shaky financial position. Citizens officials will meet with state regulators next week to finalize changes to homeowners, renters, condominium and mobile home rates.

Report: Insurers ‘tune’ claims software to pay less for injuries, p. 2

Fri Jul 13th, 2012 on     Insurance Claims,    

In our last post, we were discussing a report about computer-based claims systems. The author alleges that the software allows insurers to underpay claims, especially auto and property insurance claims for bodily injury. Companies market the software as a tool to help insurance companies be more consistent in evaluating injury claims, according to the report. The more consistent the payouts are, the more consistent the rates will be. In the end, the theory goes, everyone will save money.

Report: Insurers ‘tune’ claims software to pay less for injuries

Fri Jul 6th, 2012 on     Insurance Claims,    

A consumer advocacy group published a report last month that provides some valuable insight into auto and property insurance companies and how they process claims. The author focused specifically on a brand of claim evaluation software that is widely used in the insurance industry. He maintains that the software saves money by ensuring that the insurance company underpays claims, especially bodily injury claims.

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