segunda-feira, março 26, 2007

rackets, ho hum

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“The bottom line is that insurance companies make money when they don’t pay claims. They’ll do anything to avoid paying, because if they wait long enough, they know the policyholders will die.”
     Mary Beth Senkewicz, ex-exec with National Association of Insurance Commissioners.

26/03/07, Charles Duhigg: Aged, Frail and Denied Care by Their Insurers, (Source).

R. Glenn HilliardConseco.
Conseco: Board & Management.
Conseco: Chairman R. Glenn Hilliard.
Forbes: R. Glenn Hilliard.

Conseco bankruptcy in 2003? Insider trading by Hilliard? At sixty-three years old and with eight hundred grand plus a year, I'd say he's not worried.

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Posted março 29, 2007 1:04 PM by Anonymous Gord /  


Many years ago I heard that there is an insurance industry publication, published yearly, that gives out the percent of claims that insurance companies pay out on. This document is not available to the public. There are some auto insurance companies that do have very low rates but submit one claim and they will no longer insure you. That's another way of limiting claims.We are dealing with Capitalism here and the prime consideration of any insurance company is to make the shareholders happy, not the policy holder. That insurance companies don't like to pay out on claims should come as no surprise to any jaded leftist like myself.
On the other hand I was in that centre of Canadian crime, Newfoundland, :-) and I had my luggage stolen from a bus. ING insurance paid the claim which was over $1500. without question. I was surprised at how quick I got my cheque. There are some good companies out there but "caveat emptor". I sure wish I had access to that industry list of what % of claims are paid out.

ps Thank heaven for Government run Insurance companies like British Columbia's ICBC.

Posted março 29, 2007 1:09 PM by Blogger David Wilson /  

don't be thankin' Heaven for anything to do with governments now Gord - no need to get carried away, and anyway, in k-k-k-Canada the government agencies can afford to be generous since they take 70% up front regardless :-)