You just might be – in fact, there’s a better-than-average chance you are – an Oklahoma homeowner who lacks a detailed listing of household valuables that need to be accounted for in the wake of a storm or other adverse event.
Insurance companies in Oklahoma and across the country sometimes act in head-scratching ways to claims that are clearly bona-fide and warrant prompt payment in full.
Oklahoma residents using the federal exchange to shop for health insurance will have new options starting next year.
The very title of a recent media piece on insurance companies – Avoiding and Defending Against Bad Faith -- reveals that the industry has a material problem on its hands.
An individual who has experienced a tornado at close range never forgets the encounter. Those virulent and unpredictable weather systems are among the most frightening and sometimes devastating of all natural events.
In many situations, insurance is one of those things in the category of "I wouldn't have it if I didn't have to." It's illegal to drive a car without insurance. Thinking of buying a home? Most Oklahoma banks won't back your mortgage without a policy covering the asset.
The jurors begged to differ.
How important is it for most individuals and families in Oklahoma and nationally to have a reliable and protective long-term disability insurance policy in place to cover protracted health challenges that can arise in life?
Subrogation action is an important insurance concept to understand. With subrogation, one party stands in for another party when making a claim for damages. For example, if you’re driving down the road and another driver runs a red light and side swipes you, your insurance provider may pay for your damages. However, because the other driver was at fault in the accident, your insurance company—acting in your place—will seek reimbursement from that driver’s insurance provider. This scenario is one of the most common types of subrogation.
The law holds insurance companies to a certain standard of behavior. When such a company’s conduct does not live up to this standard, it is coined “bad faith practice”. There are various types of conduct against an insured party that constitute bad faith. For example, it is considered bad-faith practice if the insurer: