In 1984 ISO came out with the easy to read 14 page HO policy. In 1991 they added 4 more pages making it easier to read. In the 2000 edition it has 22 pages. Have the additional pages made it easier to understand? It does not make Trent Lott or any other insured read the policy. We will always have the insureds (after the loss)who exclaim that if they knew the coverage for the loss was available, they would have purchased it, no matter what it cost.
um, speaking of poor Joanna, um…she has clients? I\’m assuming she means insurance clients. Based upon her command of issues and facts, it\’s not hard to surmise why she is baffled about things like deductibles; Joanna, if your an insurance agent, I\’m weeping for your poor clients. Please point their way to the ripcord and tell them to pull…Quick!
Otherwise, the thought of you breaking down and balling all over the paperwork while you explain to your poor client they won\’t be able to afford their \’EQ\’ deductible, wow, I bet you get allot of referrals.
\”I\’m sorry; I\’ve got tissues; this part, uh, this…I can\’t help it…it\’s your earthquake deductible…I\’m so so so so sorry; it\’s so high and it will be so difficult on you; I\’m so sorry those greedy insurers charge for these things; I\’m alright. No, really, don\’t look concerned; I\’m a professional. Now about the jewel…jew…jewellllry…it\’s only…only…cuv…covered up to 1000; I just can\’t take it; it\’s important stuff and they should just be giving you more coverage. No, don\’t you apologize; I have to sell this stuff for a living; some nites I can\’t sleep. If it wasn\’t for Oprah, well, I don\’t know. But those greedy b\’s should give you more coverage, and for less money. I\’m gonna call them on this one, as soon as I\’m done with you. NO, no, no, don\’t worry about me; I just get emotional when I see people paying for this overpriced crap I sell. Why? Well, I believe I can make a difference; I\’m better than most people because I can see thru the hipocracy of their lies. You know, I won\’t even accept a commission for this sale; I won\’t. It\’s just not right. Well, ok, but don\’t say I didn\’t offer. Now about that wind deductible; oh gosh…I just can\’t take it anymore. No no no no no no…I can\’t believe they\’re doing this…this is unbelievable…now they\’re adding another deductible…that\’s it, I\’m going back to retail; I\’m sick and tired of apologizing for their greediness all the time. Know what I get? Just a few measely percent, buy they get the rest; and you get all these deductibles. Here\’s your policy; good luck reading that thing; I\’ve heard even Trent Lott can\’t figure out his…so don\’t even try. And if you don\’t pay your premiums…boo-hoo-hoo…I understand they won\’t pay you anything, either…I just can\’t take it any longer…\”
I\’m asking again . . How is reading the policy going to protect the insured from an insurance company going insolvent when a catastrophic event occurs for which they do insure? How is reading the policy going to stop the insurer from balking on covered losses? And as for reading the policy – with all the money consumers spend they deserve to have a policy that takes 10 minutes to understand and it should be on the first page, the declarations.
Clients who are struggling financially complain about coverage, cost and the fact that they don\’t have enough choices. These are good people, making good choices. They can barely afford all the insurance they are required to purchase each month, every year (thousands of dollars). They\’ll never see it again unless they have a claim. It sounds like you could care less, and that their disatisfaction must be because they\’re not reading their policy and I must be a poor agent or else they would be content with high cost and minimal coverage. You\’ve turned a blind eye to the reality of what consumers are facing.
Better yet. Let\’s scrap the whole P & C industry and let the Federal Gov\’t have it. The industry is too diverse, with too many insurance companies and insurer\’s are constantly whining about profit. Consumer\’s need a break and this is where they should get it. I and a handful of insurers might be happier working with the Feds. I would rather sell life insurance for a profit. Premiums are reasonable and number of complaints are zero. In fact, I could sell more of it if it weren\’t for the damned expensive P & C premiums.
Let’s start by defining the insured location. Sounds easy, right? The insured location is the premises that is described on the declarations page, easy right?
Does that definition change if part of the premises is being used in a business?
Does that definition change if you, the insured are temporarily residing in another residence?
Does that definition change if you are renting part of the property?
Now let’s look at an Exclusion which has been in the news.
We will not pay for physical loss resulting directly or indirectly from any of the following.
Flood, surface water, waves, tidal water, overflow from a body of water, or spray from any of these whether or not driven by rain.
Sounds pretty straight forward…
Why is this like this? Because unless every “I” is dotted and “T” is crossed, someone is going to say this is not what the policy says. Heck even when everything is spelled out some lawyer or politician will decide that’s not what the policy meant to say.
What Hurricane victims discovered was that they are in a system that allows insurer\’s to define what occurs first. Water over Wind. The insurers claim water came first, but they can\’t prove it. And since, conveniently, there isn\’t any Federal Regulation and not enough State regulation they simply decline the loss. And some just simply filed bankruptcy. How sweet. My question is why were they even allowed to sell insurance? Apparently, selling insurance is no different then selling an air filter inonizer.
We have updated our privacy policy to be more clear and meet the new requirements of the GDPR. By continuing to use our site, you accept our revised Privacy Policy.
In 1984 ISO came out with the easy to read 14 page HO policy. In 1991 they added 4 more pages making it easier to read. In the 2000 edition it has 22 pages. Have the additional pages made it easier to understand? It does not make Trent Lott or any other insured read the policy. We will always have the insureds (after the loss)who exclaim that if they knew the coverage for the loss was available, they would have purchased it, no matter what it cost.
um, speaking of poor Joanna, um…she has clients? I\’m assuming she means insurance clients. Based upon her command of issues and facts, it\’s not hard to surmise why she is baffled about things like deductibles; Joanna, if your an insurance agent, I\’m weeping for your poor clients. Please point their way to the ripcord and tell them to pull…Quick!
Otherwise, the thought of you breaking down and balling all over the paperwork while you explain to your poor client they won\’t be able to afford their \’EQ\’ deductible, wow, I bet you get allot of referrals.
\”I\’m sorry; I\’ve got tissues; this part, uh, this…I can\’t help it…it\’s your earthquake deductible…I\’m so so so so sorry; it\’s so high and it will be so difficult on you; I\’m so sorry those greedy insurers charge for these things; I\’m alright. No, really, don\’t look concerned; I\’m a professional. Now about the jewel…jew…jewellllry…it\’s only…only…cuv…covered up to 1000; I just can\’t take it; it\’s important stuff and they should just be giving you more coverage. No, don\’t you apologize; I have to sell this stuff for a living; some nites I can\’t sleep. If it wasn\’t for Oprah, well, I don\’t know. But those greedy b\’s should give you more coverage, and for less money. I\’m gonna call them on this one, as soon as I\’m done with you. NO, no, no, don\’t worry about me; I just get emotional when I see people paying for this overpriced crap I sell. Why? Well, I believe I can make a difference; I\’m better than most people because I can see thru the hipocracy of their lies. You know, I won\’t even accept a commission for this sale; I won\’t. It\’s just not right. Well, ok, but don\’t say I didn\’t offer. Now about that wind deductible; oh gosh…I just can\’t take it anymore. No no no no no no…I can\’t believe they\’re doing this…this is unbelievable…now they\’re adding another deductible…that\’s it, I\’m going back to retail; I\’m sick and tired of apologizing for their greediness all the time. Know what I get? Just a few measely percent, buy they get the rest; and you get all these deductibles. Here\’s your policy; good luck reading that thing; I\’ve heard even Trent Lott can\’t figure out his…so don\’t even try. And if you don\’t pay your premiums…boo-hoo-hoo…I understand they won\’t pay you anything, either…I just can\’t take it any longer…\”
I\’m asking again . . How is reading the policy going to protect the insured from an insurance company going insolvent when a catastrophic event occurs for which they do insure? How is reading the policy going to stop the insurer from balking on covered losses? And as for reading the policy – with all the money consumers spend they deserve to have a policy that takes 10 minutes to understand and it should be on the first page, the declarations.
Clients who are struggling financially complain about coverage, cost and the fact that they don\’t have enough choices. These are good people, making good choices. They can barely afford all the insurance they are required to purchase each month, every year (thousands of dollars). They\’ll never see it again unless they have a claim. It sounds like you could care less, and that their disatisfaction must be because they\’re not reading their policy and I must be a poor agent or else they would be content with high cost and minimal coverage. You\’ve turned a blind eye to the reality of what consumers are facing.
Better yet. Let\’s scrap the whole P & C industry and let the Federal Gov\’t have it. The industry is too diverse, with too many insurance companies and insurer\’s are constantly whining about profit. Consumer\’s need a break and this is where they should get it. I and a handful of insurers might be happier working with the Feds. I would rather sell life insurance for a profit. Premiums are reasonable and number of complaints are zero. In fact, I could sell more of it if it weren\’t for the damned expensive P & C premiums.
Why is an insurance policy so hard to understand?
Let’s start by defining the insured location. Sounds easy, right? The insured location is the premises that is described on the declarations page, easy right?
Does that definition change if part of the premises is being used in a business?
Does that definition change if you, the insured are temporarily residing in another residence?
Does that definition change if you are renting part of the property?
Now let’s look at an Exclusion which has been in the news.
We will not pay for physical loss resulting directly or indirectly from any of the following.
Flood, surface water, waves, tidal water, overflow from a body of water, or spray from any of these whether or not driven by rain.
Sounds pretty straight forward…
Why is this like this? Because unless every “I” is dotted and “T” is crossed, someone is going to say this is not what the policy says. Heck even when everything is spelled out some lawyer or politician will decide that’s not what the policy meant to say.
What Hurricane victims discovered was that they are in a system that allows insurer\’s to define what occurs first. Water over Wind. The insurers claim water came first, but they can\’t prove it. And since, conveniently, there isn\’t any Federal Regulation and not enough State regulation they simply decline the loss. And some just simply filed bankruptcy. How sweet. My question is why were they even allowed to sell insurance? Apparently, selling insurance is no different then selling an air filter inonizer.
Right on!! Do you think this fair?
Get a life.
Freak.