Workers’ Compensation Ruling Affects Loss Cost
A recent court decision regarding the suspension of workers’ compensation benefits for those who return to their jobs after suffering work injuries could lead to an increase in workers’ compensation rates, warns John Doak, Oklahoma’s Insurance Commissioner. Maxwell vs. Sprint PCS The Oklahoma Supreme Court issued its decision in Maxwell vs. Sprint PCS in April. It […]
Lawsuit Filed Against Blue Cross
Although researchers have made great strides towards curing cancer in recent decades, there are still strains of the disease that are notoriously difficult to eradicate. Unfortunately, it can take a significant amount of time for particular procedures to be approved by the medical community. This problem is compounded by the increasing power of insurers to […]
Earthquake Insurance Market Is Noncompetitive
Last week, Oklahoma Insurance Commissioner John Doak published findings revealing that the earthquake insurance market is noncompetitive in the state. As a result, residents are significantly limited in their ability to obtain affordable insurance. In an effort to protect homeowners, the commissioner recently issued an order directing Oklahoma insurance companies to file any rate increases with the […]
Hearing on Earthquake Insurance Rate Increases
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 […]
Unclaimed and Unpaid Life Insurance Policies
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 […]
Earthquake Insurance Companies Act to Limit Risk
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 Twisting
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 […]
Claims Investigations
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 […]
Insurer’s Drastic Cost Increase May Constitute Bad Faith
Recently, a consumer watchdog group filed suit against Transamerica Life Insurance Corporation, alleging breach of contract and bad faith. In the complaint, which followed on the heels of the company’s decision to drastically increase monthly premium payments, policyholders requested a reversal of the cost increases, compensatory and punitive damages, and the reinstatement of any policies that were […]
Earthquake Insurance Coverage in Oklahoma
Recently, thousands of Oklahoma residents were rocked by a series of progressively more intense and destructive earthquakes. While many residents have earthquake coverage under their homeowners insurance policies and so are able to make necessary repairs and replacements, an increasing number of policyholders are being denied compensation. Insurance companies argue that because many of the […]
