Posted: October 14th, 2021
“Should there be national reform of natural disaster insurers? Support your argument using a common issue below.”
When policyholders have disputes with their insurers, the insurance companies have a considerable advantage. Since the company’s lawyers wrote the policies they sell, they always contain loopholes that favor insurers and hurt policyholders. Some common issues include:
Many insurance companies use events that affect hundreds or thousands of policyholders as an excuse to delay their investigations. The law does not allow this. Insurance companies must always live up to their legal and financial responsibilities.
When affected businesses filed interruption claims, insurance companies almost universally denied them. Depending on one’s perspective, these denials either kept insurance companies financially afloat during a difficult time or made the economic catastrophe even worse for small businesses.
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