State Insurance Commissioner John D. Doak has called for a public hearing to investigate the increasing cost of earthquake insurance in Oklahoma. Rates are up throughout Oklahoma and have even doubled in some cases. However, there must be a valid financial basis for increasing insurance rates, and the system must encourage competition for the benefit of consumers. Commissioner […]
Earlier this year, Consumer Reports conducted an investigation into lost, forgotten, or unknown life insurance policies. It estimates that currently, there is at least $1 billion in unclaimed life insurance benefits. The average unclaimed life insurance benefit is only $2,000, but payouts have been as high as $300,000. Unclaimed Policies Insurance companies do not always search […]
With the growing popularity of fracking in Oklahoma has come a corresponding increase in earthquakes. The number of earthquakes in the state has risen dramatically in the past few years and has brought with it a growing concern on the part of insurance companies who must pay out earthquake insurance claims. Insurance Companies A Reuters investigation found […]
Insurance companies’ acts of bad faith do not only include the refusal to pay out a valid claim. There are a multitude of other ways by which an insurance company can dishonestly or fraudulently take advantage of consumers. It is important to be careful in your transactions with insurance companies and their agents to avoid […]
After a policyholder submits a claim for benefits under his or her insurance policy, the insurance company will undertake an investigation of the accident. Many insurers treat policyholders fairly and conduct thorough and careful investigations of claims. Unfortunately, some insurance companies do not adhere to the standards of honesty and fair dealing owed to clients […]