Think about this: Why are insurance companies in business?
If you said they are there to indemnify their customers against loss, think again.
INSURANCE COMPANIES ARE IN BUSINESS TO MAKE A PROFIT FOR THEIR STOCKHOLDERS. No more, no less.
Now, the product they sell has the purpose of indemnifying their customers against loss; but unless they can sell that product profitably, they won't be in business long. So it's in the financial interest of the stockholders to pay as few claims as they can, but enough to keep the customers coming back. That's why it's important to make sure that your coverage specifies what is covered, as well as what's not covered. Any "gray areas" will most likely be settled in favor of the stockholders rather than the policyholders.
And that's not heartlessness; that's just sound business principles, based upon years of contract law.
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Today's Featured Article - Product Review: Black Tire Paint - by Staff. I have been fortunate in that two of my tractors have had rear tires that were in great shape when I bought the tractor. My model "H" even had the old style fronts with plenty of tread. My "L" fronts were mismatched Sears Guardsman snow tires, which I promptly tossed. Well, although these tires were in good shape as far as tread was concerned, they looked real sad. All were flat, but new tubes fixed that. In addition to years and years of scuffing and fading, they had paint splattered on
... [Read Article]
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