Re: [RC] [RC] heads up:)/"we've got you covered" if it seems too good to be true, it just might be - Sisu West Ranch
My dad was in the insurance industry for 40 years.
He ended his career as an executive with a major life insurance company, but had
studied the insurance industry as a whole in their continuing education
program.
His take was that the only area of insurance where the
companies would consistently pay off the face amount was in the life insurance
area. Apparently, even lawyers can easily agree that you are either alive
or dead, and that if you are dead the state will issue a piece of paper that
proves this.
On the other hand, when reading other policies (and the
other provisions of a life policy), you should do it very carefully and assume
that all clauses will be interpreted in a manner most favorable to the company,
and least favorable to the owner of the policy. My readings of the US
Rider incidents reported here reinforces my dad's somewhat cynical take on the
insurance industry.
There is a very large body of case law covering all sorts
of disputes between insurers and policy owners. This is the reason
that most policies are very long, in fine print, and contain words and phrases
that are hard to understand. This is the result of company lawyers
attempting to stop a potential lawsuit from using the results of hundreds
of judicial decisions against them.
Ed
Ed & Wendy Hauser 2994 Mittower
Road Victor, MT 59875
