What is “illusory coverage” and when is it a valid grounds for seeking the overturning of a claim denial? If there is no coverage under that policy, could there be a basis for a claim against the entity that sold the policy to the insured? Let’s see what the courts say and what you think….
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Recently I read an article that cited a GEICO annual report that effectively expressed the philosophy that: (1) most consumers know what they need in an auto policy and (2) agents are “unnecessary and expensive” links in the distribution mechanism. Is this true? Can consumers distinguish the coverage subtleties between insurance policies and are agents largely unnecessary and expensive?
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March is Ethics Awareness Month in the insurance industry, so here’s a question: Is selling a business an insurance policy that really doesn’t cover their business activities illegal, unethical, neither, or both?
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If you watch many policyholder attorney TV commercials, you might come to the conclusion that most insurance companies and their agents are the spawn of Satan. As a result, or maybe from isolated personal experiences, you might view policyholder attorneys and public adjusters the same way. I’ve come to a different conclusion.
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The government and media focus on the COVID pandemic has largely centered around vaccination. Very little has been said about other risk management techniques, especially the concept of loss prevention vs. loss reduction. So what does this have to do with the insurance industry? Likewise, what does it have to do with chicken soup?
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Did you know that, in most states, it may be harder to earn a license to cut hair or fingernails than sell or service insurance? What has become of insurance education today? Is www.LearnNothing.com the future of insurance education? Given recent events, perhaps so.
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Many insurance policies, both property and casualty, have exclusions for losses that are expected or intended. But what if the person who causes the loss has some degree of mental incapacitation? Is that material to whether such exclusions apply? Yes, but each claim depends on the individual facts and circumstances of that case.
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If someone sells a policy they know does not cover 99% of what someone does for a living, does that constitute insurance fraud? If not, is it ethical? What if the provider is simply ignorant? If the coverage provided by the policy is largely illusory, will the courts support a claim denial?
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