Comments on: Post-Claims Underwriting

By: Thicken My Wallet » Blog Archive » Insurance: 5 warning signs you may have improper insurance

Thu, 16 Jul 2009 08:57:46 +0000

[...] Four Pillars and I� have written before about post-claim underwriting. While illegal in many jurisdictions, there are many ways to re-characterize a policy to be potentially within the scope of the legislation (and require expensive litigation to resolve). [...]

By: Thicken My Wallet » Blog Archive » Why am I denied insurance coverage?

Thicken My Wallet » Blog Archive » Why am I denied insurance coverage? — Wed, 13 May 2009 09:02:59 +0000

[...] underwriting in discussing mortgage vs. life insurance, and Four Pillars wrote� an editorial about post-claims underwriting). This raises a much larger issue of when and why do insurance companies deny coverage and what [...]

By: The Financial Blogger » Blog Archive » Financial Ramblings

The Financial Blogger » Blog Archive » Financial Ramblings — Sat, 25 Apr 2009 10:02:41 +0000

[...] story about Post-Claims underwriting from Four-Pillars (just before I post my credit insurance article ;-0, great [...]

By: This and That: Bank of Canada Cuts Rates Again — Canadian Capitalist

This and That: Bank of Canada Cuts Rates Again — Canadian Capitalist — Fri, 24 Apr 2009 11:39:57 +0000

[...] practice of post-claims underwriting in mortgage insurance came in for well-deserved criticism on Four [...]

By: A Lap Of The Blogs : WhereDoesAllMyMoneyGo.com

A Lap Of The Blogs : WhereDoesAllMyMoneyGo.com — Fri, 17 Apr 2009 02:53:40 +0000

[...] Pillars rants about life insurance that has underwriting at time of claim (as opposed to underwriting at time of application). I’ve got some war stories from the [...]

By: EconStudent

EconStudent — Fri, 17 Apr 2009 01:23:33 +0000

In the US, you have not for profit insurance firms that do not have sales people.

The two that I can think of is: Vanguard Group and TIAA-CREF.

That makes buying insurance a different experience for those who can get it through Vanguard Group or TIAA-CREF.

By: brandi

brandi — Thu, 16 Apr 2009 15:41:56 +0000

My dad paid life insurance premiums from 1982 until he died in 2006, never missed a payment on his $50,000 policy (in 1982 this seemed like alot of money! I think to him). During that time, the insurance policy changed hands no less than 4 times thru various buy outs/mergers and so of course, when it came time to actually pay out they were less than cooperative (yes for the a $50,000 policy!) they requested multiple papers to be filled out by any and every doctor that had seen him (he was only 65 when he died of cancer less than a year after being diagnosed) and it was only thru diligence and many, many phone calls (made all the more difficult since my mom is deaf) that the insurance company finally paid off the $50,000 more than a year later (plus minimal interest that the government mandates for such a long delay) My dad, thought he was paying for peace of mind, for my mom, by making his insurance payments for over 25 years, but it turns out, he would have been better off investing that money himself every month and would have come out ahead with less stress and hassle.

By: mjw2005

mjw2005 — Thu, 16 Apr 2009 15:08:39 +0000

add me to the club of only buying the least necessary insurance…I will only buy insurance that I legally have to (car insurance) or morally should (life insurance – if I ever have children or my wife and I have mortgage debt)….and maybe travel medical….otherwise forget it….I have never trusted insurance companies….and even though we pay a little more for car insurance in BC, I like the fact that it is government run and owned by the people….

By: Al

Al — Thu, 16 Apr 2009 13:48:01 +0000

Even if insurance companies begin to behave with more integrity, I won’t buy insurance unless it is a necessity (liability for car, house, life and infirmity). Everything else is a rip off. It seems like every company is desperate to sell insurance on just about everything because they are making big $ on it, and those $ are coming out of consumers pockets. The FIRE economy is becoming more and more of a parasite than anything else.

By: Thicken My Wallet

Thicken My Wallet — Thu, 16 Apr 2009 13:46:39 +0000

Great post. Unfortunately, insurance companies are not in the business of insurance. They have become i-bankers who use premiums to play in the market (see Manulife’s recent troubles). One of the reasons why they are not honoring their contractual obligation is that they have lost too much money on the stock markets.

..sigh, yet another industry that needs the regulators to come down since they coudn’t control themselves.