Mansell, Engel & Cole

Oklahoma City Insurance Law Blog

What does credit insurance entail and protect against?

At least a portion of the answer to the above-posed blog headline can be supplied from a single sentence in our immediately preceding post relevant to all types of insurance. We noted in our October 12 entry at Mansell, Engel & Cole that “the essential idea and thrust of insurance is clear enough: its purpose is to protect against loss and risk.”

Credit insurance is a small though significant subset in the broad insurance universe, being applicable to a targeted audience with quite focused needs. Typically, an individual in Oklahoma or elsewhere takes out a credit insurance policy to safeguard against the downside of something like a job loss or long-term disabling condition. When such a “triggering event” occurs, policy protections should kick in that help pay ongoing bills and keep creditors at bay.

Debt cancellation coverage: a look at credit insurance

Insurance coverage is simultaneously one of the most complex yet simple business offerings. On the one hand, we all know that a policy is going to feature pages of fine-print legalese, coupled with riders, exclusions and other qualifying factors. Many of those ultimately catch policyholders in Oklahoma and elsewhere by surprise, resulting in unanticipated detriment. That is true regardless of the type of insurance involved.

Notwithstanding the “How could I have possibly foreseen that?” aspects often attaching to a policy, though, the essential idea and thrust of insurance is clear enough: Its purpose is to protect against loss and risk. Policyholders who duly pay their premiums and otherwise honor the terms of their insurance contracts have a reasonable expectation that their insurer will step up and perform when a claim for payment or performance is presented.

One core reason why policyholders hate fighting with their insurers

The average amount paid for health insurance premiums by American policyholders rose notably between 2015 and 2016.

And then that premium spike reportedly doubled during the 2016/2017 timeframe.

Why was my life insurance claim denied?

Purchasing life insurance is like providing a safety net for your family. For many in Oklahoma, a life insurance policy is the only way they can affordably assist their loved ones if they should pass away. In fact, your loved one may have offered an act of kindness for you by purchasing a life insurance policy that named you as the beneficiary.

After your loved one passed away, you may have counted on that policy to cover your expenses. If the insurer denied your claim for benefits, you have the right to know why and to seek assistance if you feel the rejection is unjustified.

Is this not insurance bad-faith denial in uppercase?

First things first. Without being even arguably facetious, it might be reasonably suggested that one highly specialized business company named the Good Sam Club should change its name to something else.

Like Bad Sam.

Court frowns on insurer’s ambiguous wording in damage claim

Insurers love words. That is evident from scrutiny of virtually any insurance policy ever created. Drafters take fundamental clauses and expand them through clarifiers, exclusionary phrasing, footnotes and riders. They bury language in pages of fine print.

The intent of such wordsmithing is obvious, namely, to create maximum wiggle room to escape liability if possible when responding to a policyholder’s claim for damages.

Insurance disputes: Is consumer empowerment on the horizon?

If you’re old enough, you likely remember a time when you groused about forking over a $20 co-pay when you visited your doctor.

Millennials won’t understand that, but there was a time when Oklahomans and millions of other visitors to medical clinics paid s small up-front fee and often nothing else for medical care received.

Can your parent's long-term care insurance claim be denied?

Now that your parent has fallen considerably ill, either physically or mentally, you know that you will likely not have the ability to provide the needed care on your own. As a result, you have started looking into long-term care options to determine what services may best suit your loved one's situation.

Of course, as you explore these options, you may come to realize that you cannot afford the costs associated with such care. Before you panic, however, you remember that your parent has long-term care insurance. While you may feel thankful for this coverage, you need to remember that not every claim receives approval.

A continuing look at commercial liability insurance

Say that you’re a smart and proactive Oklahoma entrepreneur who is hardly the type to leave business risks unaddressed. You flatly know that adverse possibilities need to be flagged and fully protected against through appropriate insurance coverage.

You’ve done all you can. Now your steadily paid premiums assure that your insurance company will step up and honor its contractual commitments if you need to file a legitimate claim for losses.

What is commercial liability insurance coverage?

Unquestionably, the insurance umbrella is expansive and varied. That is, insureds seek protection against both known and unforeseeable risk across a broad realm that, if unguarded against, can reap devastating consequences. Imagine a cancer diagnosis for a patient lacking any type of health coverage. How could a homeowner lacking insurance protection carry on in the wake of a major fire or storm damage?

Just as individuals and families need to insure against life’s potential downsides, so too do business owners across Oklahoma and elsewhere. In fact, and for obvious reasons, having adequate insurance coverage is a top-tier concern for principals linked with any commercial entity.

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