insurance companies aim to make a profit by selling you the most comprehensive coverage possible. This includes paying for things like car insurance, employer insurance, and life insurance.
As we mentioned earlier, with the advent of technology, this profit model has decreased. Most insurance companies no longer sell complete coverages due to high cost and low customer satisfaction.
However, they continue to market their products through television and print ads, as well as using app and website features to convince you to buy their product.
To make up for the loss in sales volume, todays modern-day Insurance Companies offer more features than ever before.
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They don t want you to know how much money they make
Most companies don t release their yearly revenue to the public. They don t want people to know how much money they make, because then they can compete with one another and come up with higher figures thanrored in order to impress you!
Instead, they publish their annual report which breaks down their revenue for each of their divisions. This report is available to the public, but only through a licensing process.
By having the public review this information, it raises questions and conversation-starters, which can lead to you becoming aware of who they are and what they do. This can be helpful if you are ever looking into retirement plans.
However, this licensing process is not without its costs. Many companies choose not to go through this process as it is expensively licensed.
They don t want you to know how many claims they receive
Most companies advertise how many claims they receive, how many customers they serve, and what percentage of their customers settle claims.
These claims include merchandise loss, monetary loss, and medical loss. These numbers show how popular they are with their customers.
However, while these numbers may be important to people looking into insurance for personal use, they sont want you to know how much they pay out when a claim is madeALTHAT
gered around $60 billion annually in 2017 alone, making it the second-most expensive form of insurance behind liability coverage. Even with the high cost of AETHDaily news photo/video above shows a woman getting her new iPhone case replaced after Apple said it broke the phone glass casing off in her phone frame during a case of sudden rage. According tApple s user manual, this must be done every time the phone is damaged as it can get worn down over time. This is called a replacement policy.
They don t want you to know that your claim will take a long time
Most people don t know that the average claim for personal injury or property damage claims is two to four months away from paying out. This is because the rates are high and it takes time to determine if you are eligible for a claim.
However, with lower premiums meting, more people are willing to take the time to claim their insurance money. This is why you will sometimes see companies running low priority claims.
Some factors that can speed up the process include meeting your deductible, getting your first payment within a month of claiming, and receiving your first repair or replacement. While these things do not happen often, if they do then the wait time can be reduced by a few weeks.
They don t want you to know that your claim might not pay out as much as you think
This is a very important topic to know about if you have an insurance claim or if you aren’t but you want to know what companies do want you to know about this stuff!
Claims are expensive, even for small businesses. When claims are paid out, it can be a bit of a let-up. So, many companies invest money into having claims professionals that are highly trained and paid consistently.
They don t want you to know that they can take away your policy at any time
If a company is doing well, there may be more companies wanting to join their network. This can lead to other companies beginning to lay off employees or reducing the amount of employees involved in the customer service field.
As fewer people work on the front line of customer service, it can be hard for them to continually advance in their careers. As they don t get the rewards that come from helping people out with a policy, it can weaken their position within the company.
Some insurance companies have reneged on their promises before. When this happens, you have no recourse but to change your policy. There are some things that companies can do to make you feel like they are taking care of you, but it doesn t happen often due to people s rights.
They don t want you to know that they might not have enough money for all claims
If a company has a large loss, the government will pay a small percentage of the balance off to help them cover their operating expenses. This is called surplus funds.
Companies with large claims must have enough money in reserve to cover their payment obligation, no matter how little they receive from the government. If a company has a small loss, they may be able
to maintain their claim coverage as long as they have enough money in reserve to cover their claim.
If a company decides not to use surplus funds to cover their claims, they must notify the government within one year of the claim. Ideally, companies would have more than one claim but that is not common.
They don tu00e9wantu00e9you tu00e9know about their financial status
This doesn t mean that insurance companies don t want you to know about their financial status, it just means that they don t want to be asked about their financial status when talking about you.
This is because when a insured person has a lot of money, the insurance company gets paid more money!
As such, the company wants you to talk about how much you pay in taxes and how much you feel comfortable spending. However, if the person has little or no money left, then the company wants to know if they want new insurance coverage renewed or not.
If the person does not have new insurance coverage, then they will have more coverage that is equal to what they lost with the previous insurance.
They try to avoid paying big claims by trying to prove that the customer was at fault or misrepresenting facts on the application for insurance
This is a very important point to understand insurance companies by reading their literature. They encourage people to blame themselves for any claim they make, and try to tell you that it is your fault if you are harmed in an accident.
Many times, insurance companies will put down a claim as their own responsibility even if the customer was not completely responsible. This helps them keep more of the money they receive from the policy, which is what they want!
If a customer can prove that another person was responsible for causing the damage, then the other person may be willing to pay less than what they would with no proof. This can help boost your company s profits!
It is important to read the appt for insurance by both sides of the conversation.