Mark A. SteinbergInsurance Laws For many people, insurance companies exist simply to provide peace of mind. People pay their monthly premiums for car insurance, home insurance, or life insurance and hope that they never have to be in a position where they need help from their insurer. However, the peace of mind comes in from the idea that should an accident and injury—or even death—occur, the insurance company will step in to help.
Unfortunately, it’s a regular occurrence for people with insurance policies to find that when the time comes, the insurance company decides it doesn’t have to provide coverage after all, despite regular monthly payments from a customer. This can be a confusing, vulnerable situation for people, which unethical insurers sometimes rely on.
Of course, there are valid reasons for an insurance company to refuse to pay a claim or even demand repayment of a claim that’s already been paid. Insurance fraud, especially in injuries, happens all over the world. People have successfully fooled insurance companies into paying out for false injuries, so these insurers are often paranoid about paying out for a false claim. However, in other instances, a legitimate accident victim may find that an insurer has decided not to honor a claim despite a real and painful injury. Sometimes, this is even for deliberate, malevolent reasons and may involve deception or distortion of facts and records to avoid paying a legitimate claim.
Intimidation Tactics
Insurance companies have years of experience dealing with their own policies and deciding when to honor a claim and when to refuse it. Unfortunately, that doesn’t always translate to the correct or ethical decision, and sometimes insurers exploit their position. They know, for example, that most people have little legal experience, especially with lawsuits. They also know that most Americans don’t necessarily have the “financial war chest” required to wage a long, drawn-out legal battle against a big corporation with an army of lawyers. Because of these factors, some less ethical decision-makers at insurance companies know that if they put enough pressure on someone complaining about a denial, the sheer legal force arrayed against such a person may make them buckle under.
Getting Justice
However, just because an insurance company decides to deny a claim, that doesn’t mean the decision is final. And just because an insurance company has a significant legal mechanism buttressing it doesn’t mean that a win in court is guaranteed.
Experienced attorneys can help claim denials in various areas, such as personal injury, workers compensation, and even social security disability insurance. In some cases, such as with a personal injury or wrongful death claims, they work on a contingency fee, only collecting payment for legal services if they win the case or negotiate a settlement. Once an insurance company knows that someone has legal representation and even a willingness to go to court, the public nature of such a lawsuit is often something they would like to avoid, and negotiations—or even out-of-court settlements—can begin.
And of course, if it goes to court, you know you have an attorney in your corner.
In the context of health insurance, fear motivates outside of conscious, rational processes by activating unmet emotional needs. The emotion directs subsequent rational thought, providing it with a post hoc justification for the purchase of insurance.
One of the most common scare tactics they use is to delay a decision on your claim. They know that when you're dealing with a severe injury, time is not your friend. Medical bills pile up. You might be missing work.
Its aim is to reduce financial uncertainty and make accidental loss manageable. It does this substituting payment of a small, known fee—an insurance premium—to a professional insurer in exchange for the assumption of the risk a large loss, and a promise to pay in the event of such a loss.
Insurance premiums depend on a variety of factors, including the type of coverage being purchased by the policyholder, the age of the policyholder, where the policyholder lives, and the claim history of the policyholder.
Fear-based decision-making is the tendency to make choices driven by fear or scarcity rather than alignment with our true selves or career vision. I've often worried that deviating from the conventional path might jeopardise my income, job security, or prospects for progression.
The risks and uncertainties associated with insurance follow the life cycles of insurance coverage and claims. For example, prior to business being sold and claims incurred, there is uncertainty about the future mix of insureds or the types of claims that will be made.
Certainty means nearly always having the answers to tough questions and answering those challenges with confidence. Uncertainty is when the answers are not immediately clear or when you make a decision but are tortured by self-doubt and second-guessing.
Risk and uncertainty are related in that both preclude knowledge of future states and both may be described by probabilities. It is important, however, to distinguish whether a lack of predictabiity arises from insufficient knowledge (uncertainty) or from a well-understood probabilistic process (risk).
Hence, we can say that under ordinary circ*mstances, the seller bears the risk until the property is passed to the buyer which also passes the risk to him. The parties may, however, decide to pass the risk before or after passing the property in the goods to the buyer.
Uncertainties are open-ended with many possibilities. Risks have a narrow range of outcomes with odds that can be estimated. We can insure against risks but not uncertainties.
Interpersonal communication is the primary means of uncertainty reduction. The quantity and nature of information that people share can change through time.
There are four ways to reduce uncertainty and lead to the positive associations demonstrated through axioms and theorems. They are passive, active, interactive, and acceptance strategies. For example, you can use a situation of liking another person.
Life insurance is not considered a form of gambling. Gambling involves placing a bet or wager on an uncertain outcome, while life insurance is a financial contract in which an individual or organization agrees to pay a sum of money to a designated beneficiary upon the death of the insured person.
Risk sharing, a fundamental concept in insurance and risk management, refers to the practice of distributing or transferring the financial impact of potential losses among various parties.
From a Buddhist perspective, fear is at the root suffering. The Buddha taught that all beings feel a deep sense of fear or anxiety, which stems from the fact that we resist the impermanence of our existence.
You can get a life insurance policy if you have been diagnosed with a mental health disorder such as anxiety or depression. However, you may be charged a higher premium depending on the frequency, severity, treatment, and diagnosis details of the mental health condition.
Introduction: My name is Annamae Dooley, I am a witty, quaint, lovely, clever, rich, sparkling, powerful person who loves writing and wants to share my knowledge and understanding with you.
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Mark A. SteinbergInsurance Laws For many people, insurance companies exist simply to provide peace of mind. People pay their monthly premiums for car insurance, home insurance, or life insurance and hope that they never have to be in a position where they need help from their insurer. However, the peace of mind comes in from the idea that should an accident and injury—or even death—occur, the insurance company will step in to help.