Slip slidin’ away with insurance unfair trade practices
When it comes to unfair trade practices in the insurance industry, we don’t need the statute to figure a few of them out. Misrepresenting benefits, overcharging for coverage and underpaying claims — better known as lying, cheating and stealing — are universally acknowledged to be unfair trade practices. Yes, brokers and agents may try to justify the half-truth, and insurance companies may engage in advertising puffery, but, really, the lines are clearly drawn for those three misdeeds.