[Towertalk] Insurance companies-->Coverage

[Bill Hider (N3RR)]

Bob is absolutely right.

Read today's Wall Street Journal for an example - 7 World Trade Center
insurance claim - Page 1.

Insurance Companies *know* how much it will cost for claims based on
actuarial tables and experiential data.

Of course they won't pay for excluded items.  But, they do pay claims else
they'd loose customers.

Bill, N3RR

----- Original Message -----
From: "Robert Shohet" <kq2m@mags.net>
To: "Chris BONDE" <ve7hcb@rac.ca>; <towertalk@contesting.com>
Sent: Wednesday, May 08, 2002 2:03 PM
Subject: Re: [Towertalk] Insurance companies-->Coverage


> > Maybe cynical, BUT, remember insurance companies are not in the business
> to
> > give you money, they are there to collect premiums.
>
> No, you apparently do not understand the business of Insurance.  Insurance
> is about money management:
>
> 1) Adequately pricing their risks for which they charge premiums
> 2) Managing the money they get paid and investing it well, keeping
generous
> amounts in reserve to pay claims
> 3) Adequately investigating claims and requiring documentation of certain
> claims
> 4) Paying IN FULL, all valid claims, to the extent covered by the policy
> 5) Encouraging loyalty to stay with the company by quickly and fully
paying
> all valid claims - it costs FAR LESS to keep an existing customer than
> advertising for and underwriting for new ones.
>
> All quality insurers practice the above-mentioned practices and more.
They
> make money by RETAINING customers, not by screwing them.  You don't retain
> customers by refusing to pay what they are lawfully owed under their
> policies.
>
> >I have seen too much  of how the company spends a gread deal of effort to
> exclude as much as
> > possilbe at payments time and include much at premium time.
>
> All companies should exclude things that are not covered under the policy.
> To do otherwise would be costly and irresponsible to other premium paying
> customers.  Insurers are not in the business of providing free money to
> those who feel entitled - they are in the business of collecting premiums
> for specific coverage and paying out only valid claims.
>
> There are literally several thousand US and Canadian insurers.
Specifically
> which one are you referring to?  Or would you have us believe that all
> insurers cheat their customers?
>
> > Ask for it in writting, find out what happened in other cases, and when
> you
> > can "self-insure".
>
> This is always good advice.
>
> Bob KQ2M
>
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