Why can my insurance company ask if I other insurance?
Yes, insurance companies have right to ask if you have other coverage. If you have two major medical policies, they have to coordinate benefits, so yo won't make a profit on your claim. As long as you hold out information, and don't respond, they will hold the claim payment. There is nothing you can do about it. If you have a major medical, and a hospital indemnity policy, you don't have to tell them about the indemnity policy, because it pays directly to you, and not the provider, unless you assign the benefits to the provider. An example of a hospital indemnity policy would be a policy that pays so much per day on the hospital room, such $100, $200, or $300 per day when hospitalized. Another example would be a policy which paid your deductible and copays. Let's say your deductible is $500, and the copay is 80/20. So, your share of the bill would be the $500 deductible, plus 20% of the bill up to certain cap. Not many companies write these types of policies. Another example would be a cancer expense policy. If you are being treated for cancer, your major medical policy will cover the treatments, minus the deductible and your copay amount. You don't have to tell them about the cancer expense policy, because it pays directly to you, unless you assign the benefits to the provider. When you fill out the paperwork for treatment, it will ask about your insurance. Any indemnity policy which pays directly to you, you do not have to put that on the form. If you do, you are assigning the benefit to that treatment facility, and the benefits will go directly to them, instead of yourself. Hope this answers your question.
I was rear ended, and the insurance company for the other driver totaled my car while it was in their care. What should I expect?
As far as your car, the insurance company will offer you what it believes to be current market value of the car. This should be around about the blue book value. Kelley Blue Book - New and Used Car Price Values, Expert Car Reviews If there was pre-existing damage, the insurance company can deduct that. If you have anything special about your car, say you just got new tires, if you have receipts, you can ask for an increase based on that. If you had any additional property in the car that was destroyed, you can ask for the value of that as well. The company should pay for a car rental for a limited period of time while you purchase a new car. As far as your personal injury, you might want to see a lawyer to help you there. Generally speaking, it is better to wait until you have a full sense of how long you will be injured and what king of medical treatment you will require. I suggest you go see a regular doctor, insurance companies take regular doctors more seriously.
Can an insurance company sue another company?
In California, your insurance company can use your collision coverage (minus any deductable you have to pay for the damage to to your vehicle. If you have "med pay" coverage, they will do the same for your medical bills. Once your insurance carrier pays for your losses, they will go after the at fault driver to collect. That makes sense or the carrier's expenses would be greater and, therefore, have to increase premiums to keep ahead. When an insurance company fails or refuses to pay in California it may be evidence of bad faith. It may also evince the fact the carrier believes its insured is not the at fault driver. If you feel the carrier was being unreasonable, you can make a complaint with the Department of Insurance. If you are out of pocket for the "deductible" you can collect that from the other driver. In California, an individual can use the Small Claims Court to do so. Your insurance company may seek that amount as well when it sues the other insurance company. Frequently, it is a matter of arbitration between the carriers that resolves the matter.
What can I do if my insurance company (Home Owner's Policy) doesn't want to pay out on a claim that other insurance companies would cover?
Craig Anderson is exactly right. What one thinks “other companies” will or won’t cover has no bearing on the scope of your insurance contract.One company may have multiple homeowners policies which cover a different set of perils and provide varying coverage packages. The product you purchased may bear no resemblance to other products within the same carrier, let alone what another company may offer.A homeowners contract is a comprehensive document. A claims adjuster from the company that insures your property should be able to provide you with “chapter and verse” why the policy does not extend to the “Project Management” charges mentioned in the question details.Ask the claims adjuster to provide you with a reason from your policy’s contractual language that describes why the costs are not within the scope of coverage.If they can provide a reasonable explanation from the contract, that may be the end of the discussion.If the company can not provide a reasonable explanation for the refusal of the expense from your policy’s contractual language, then you may have grounds and potential recourse by filing a complaint to the state insurance department.For the contact information for your state insurance department, see this map created by the NAIC.Despite what is projected in some advertising messages, insurance is not a commodity. There are differences between products. Sometimes those differences are significant.Thanks for the A2A.
Can the other driver's insurance company change their position on a claim?
My guess is that when you filed the claim, it "appeared' that their policyholder will be held liable. And yes, if they pay or deny, they will usually have you get an estimate of the damages, the reason is, if they are liable, then they know or can issue you a check for that amount. But the RULE is, that (their) insurance can't pay, till they talk to (their) policyholder to confirm in fact or (not) if he/she is liable for your damages. So, as long as the other person confirms the same facts that you reported, then yes they will pay. But, sometimes the other party may dispute or tell them different facts, thus if it is between you or the policyholder, then they have a duty to the policyholder 1st, since they have a contract with them vs you a claimant is 3rd party. Also believe it or not, it is common that the other person will ignore the insurance company, which makes no sense, other than they are upset that they may know you will get paid vs they (if) found liable, will get hit with higher insurance premiums due to this accident.
Can an insurance company check what you've done with other insurance companies?
Ever hear of the MIB (Medical Information Bureau) it's just like the credit bureau, but for medical history. It's immediately checked out by every insurer and will tell all. Also, the underwriting department will order your medical records (APS, Attending Physicians Statements) from your doctors. If you don't list a doctor, the records will tell of the other's you've seen and they'll order those records and so on. Part of the application process is a release you must sign allowing them to order anything/everything. If you don't disclose all the facts, that's called material misrepresentation and if you file a claim for something you didn't disclose, your policy will be rescinded. Basically, they'll give you back the premium you paid and cancel your policy without paying the claim. If you're applying for coverage in order to cover a specific problem you already have, that's called adverse selection against the company and if discovered, again another reason to rescind the policy.
Can auto insurance companies see claims from other insurance companies?
Auto Insurance Companies can NOT access the dabatase of another insurance company (example: Geico / All State). Therefore they can not see the SPECIFIC records that are kept of you. However, I don't think that's what you're trying to ask. You're trying to find out if an insurance company will know if you've been in an accident, or if you have points on your licence for whatever reason... and the answer to that is YES, they can because that kind of information is available to them from the DMV reporting sources.
Who insures the insurance companies?
Reinsurers may insure insurance companies but usually insurance companies "self-insure" or set aside reserves to cover any expected payouts under the policies.Here's how it works:Sometimes insurance companies hold all the risk from underwriting policies. Sometimes insurers buy insurance from reinsurers for part of the risk.Insurers almost never lay off all such risk to others. Reinsurance companies take a pool of portions of insurance policies underwritten by insurance companies in exchange for a fee. The reinsurer insures that pool of partial policies. The reinsurer may hold all or part of this risk and pass on some or all of the risk to another reinsurer.As usual, investopedia has a pretty good definition and explanation."DEFINITION OF 'REINSURANCE'The practice of insurers transferring portions of risk portfolios to other parties by some form of agreement in order to reduce the likelihood of having to pay a large obligation resulting from an insurance claim. The intent of reinsurance is for an insurance company to reduce the risks associated with underwritten policies by spreading risks across alternative institutions.Also known as "insurance for insurers" or "stop-loss insurance".INVESTOPEDIA EXPLAINS 'REINSURANCE'Overall, the reinsurance company receives pieces of a larger potential obligation in exchange for some of the money the original insurer received to accept the obligation. The party that diversifies its insurance portfolio is known as the ceding party. The party that accepts a portion of the potential obligation in exchange for a share of the insurance premium is known as the reinsurer."Read more: http://www.investopedia.com/term... As Dan Munro notes, insurance companies are generally heavily regulated, with capital reserve requirements and constraints on their investment and other activities. In the US, this is generally at the state lev
The other driver's insurance company denied my claim because they couldn't contact him. What can I do?
It sounds as if you did everything right and your insurance company did everything they could. If the other guys insurance company is refusing the claim then your only option is to use your collision coverage to fix the car paying the deductible and letting your insurance company chase the other guy or pay for the entire repair yourself and you sue the other guy. Recognize that even if you win in court and get a judgment against him you still may never see a dime if he ignores the judgment. According to JD Power survey of customer satisfaction with insurance companies 21st Century is near the bottom of the rankings so changing companies might not be a bad idea, but in this case I don't know if another company could have done more. Reliant appears to be an insurance agent and is not an insurance company. I'm wondering if the other driver may have been a customer of theirs who let his insurance lapse and they did more than they needed to by trying to find him for you. I know where you're coming from and appreciate your disgust. I've been hit twice by bums without insurance and never got a dime and as far as I know the state never suspended their licenses as the law said they should.
I had a car accident. The insurance company may void my insurance because of a wrong detail on the policy. Will my money be refunded?
I can only answer with the Australian law, but I know it very well. I worked as the claims manager (amongst other things) for a company that John GrIslam might have modeled “The Rainmaker” from.The duty of disclosure says you must tell the insurer everything they need to know in order to sell you a policy. It also says that you needn’ t disclose anything they already know, or should know in the ordinary course of their business. Further, if you haven't told them something that is not relevant to the claim in question, they cannot rely on that to decline your claim or cancel your policy.So the key issue for you (from what I understand of your question) is this: if whatever it was had been disclosed at the time you bought or renewed your policy would they have still issued the policy or refused cover? If the answer is no (i.e they still would have sold you the policy), that can't decline the claim on that basis.