Cash Flow Statement At A Point Of Time Or Period Insurance: Avoiding Companies Quick To Collect Premiums But Slow In Claims Payment

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Insurance: Avoiding Companies Quick To Collect Premiums But Slow In Claims Payment

To be fair, the refusal/inability of companies to meet financial obligations is not just a problem for insurance companies. All organizations rightly focus more on generating revenue, but some become reluctant when they have to deliver on promises to their customers that involve financial costs.

I recently ran an experiment involving my cell phone provider. As my contract was coming to an end after a two-year period, I contacted them and as usual followed the steps the answering machine instructed. Surprisingly, after 20 minutes of waiting to speak to a staff member, I was cut off. This happened twice so when I called the third time I selected the option that connected me to the sales force and was immediately connected to the staff. Of course, when it became clear to the staff that I was not under a new contract, they moved me to the termination group and continued to wait.

Without exception, all countries where insurance companies operate will have some unscrupulous operators who are no better than the common con man on the street, using dishonest methods to trick people into giving up money. Although I have praised insurance companies in previous posts, the feedback I have received along with some personal experience has led me to accept that there are insurance companies operating today that need to be closely monitored by the authorities.

Even in the so-called insurance hub – London, there are a few insurance companies that use specially trained staff, backed by fancy TV ads and publications, to convince unsuspecting members of the public to part with money in exchange for poorly worded insurance contracts.

How to spot crooked insurance companies

Premium

We’re all hungry for bargains, and most quickly run to comparison sites. Unfortunately, these sites rank insurance quotes based on price, with the cheapest listed at the top. As with most goods and services, cheapest is not always best. This is particularly true of insurance, as it involves the pooling of assets with each policyholder expected to contribute to the fund a premium commensurate with the risk they represent.

So when the price (premium) seems too good to be true, steer clear. When an insurance company unfairly undercuts the competition by quoting ridiculously low premiums, it follows that in the event of a claim, that company may not have sufficient funds to meet its overhead provision obligation.

Ratings

A great advantage of the Internet is that people can post reviews of goods and services detailing their experiences. Reviews are also available online for businesses with customer service ratings for businesses. Most of us already read reviews for most products and services before buying, so we should expand this practice.

I usually scour the web for as many customer reviews of the company as possible, as some of these companies, with the help of their IT staff, try to counter negative reviews by posting fake reviews.

Referrals

Similar to the points highlighted about the ratings above. The old-fashioned way of deciding whether to patronize a business that offers a service is usually to ask friends and family for their opinion. We often extend the inquiry to the experts we have dealt with and trust/value their advice.

Annual report of the company

For those who are comfortable with numbers, the traditional method of reviewing the health of a company is the annual report, which is a comprehensive report on the company’s activities for the previous year.

With a few clicks, these reports could be accessed online and provide access to useful information such as the company’s balance sheet, its profit and loss and cash flow statements, as well as useful notes to help understand the financial statements.

Deciding on legal supplements to cover

This is especially useful when you have to deal with an uninsured loss. Insurance companies are more likely to honor a claim that falls within the scope of their policy if it is filed through an attorney because prolonging such claims costs them much more in legal fees if they end up losing the case.

However, if you find that you are no match for the power of insurance companies, but still need to invest in insurance, you may want to seek the services of an insurance broker.

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