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On Wed, 11 Nov 2009 21:02:28 +0000, Orchid XP v8 wrote:
>>> Sure. But I also know that an insurance company's job is to not pay
>>> out under any circumstances whatsoever. Their entire business model is
>>> based on preventing customers getting the money they're due. The fact
>>> that insurance companies are all doing so well indicates that they
>>> must have got very, very good at this.
>>
>> That doesn't mean that they never pay out, though. In cases of
>> catastropic events, they're required by law to pay out.
>
> Sure, they're legally obliged to pay out. But if you've just lost your
> house and you are now penniless... what are you going to do? Sue them?
> Oh, wait, you have no money. :-P
If they don't pay out, you take it (in the US) to the district attorney
and let the state prosecute it.
>> If they never paid out, then people wouldn't buy insurance.
>
> Maybe I'm just bitter. I paid £900 for a moped. When it was stolen, they
> gave me £25. Later I paid $1,200 for a car. When it was crashed, they
> gave me £75. I mean, seriously, it was *so* worth paying £700 per year
> in insurance premiums for that.
It seems that you didn't have very good coverage. I can see that that
kind of payout would make you bitter about it; the reality for most
people is generally different - though it sometimes does take time,
energy, and work to get them to pay out at an appropriate level.
I live not far from a very large fault line, and we're late for "the big
one" (earthquake) by about 20 years. Earthquake insurance is a required
part of our policy, and if it does hit, the company will take care of
things for us.
Jim
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