Insurance Dispute Lawyer Blog

Understanding Terms: Glossary

Published on: February 12, 2009 | By Berniard Law Firm

When going about shopping for the right policy or making sure your policy protects you in the ways you need, it is important to understand insurance terms used. In educating yourself about the legal jargon employed by the insurance companies, you can be better prepared to combat an unfair claim payment or prevent your policy from being hijacked by vague language.

Below, courtesy of the University of Illinois, is a glossary of insurance terms, ranging from the letter J to N:

Lapsed policy. A policy terminated for non-payment of premiums. Level premium life insurance. Life insurance for which the premium remains the same from year to year.

Hurricane Rita cases yet to reach trial

Published on: February 11, 2009 | By Berniard Law Firm

As the 2009 hurricane season looms, insurance companies continue to delay and prolong their payouts from 2008’s storms and stall trials. Cases based upon Hurricane Rita STILL have not begun to work their way through the Jefferson County, Texas, courts.

Another Hurricane Rita insurance trial gets nixed
By David Yates
In four years, three hurricanes have whipped through the Golden Triangle area, leading to thousands of lawsuits by property owners who claim they were short changed by their insurance companies.

However, not one of those filings has made it to trial yet.

A case over a homeowner’s insurance claim for damages from 2005’s Hurricane Rita case was set to go to trial on Feb. 3, but was nixed before summoned jurors could step foot in court.

The trial of David Scott vs. Braud, Vaughn & Williamson Insurance Agency et al has been reset for April 17.

Scott sued the insurance provider, along with one of its agents, in November 2006, for allegedly failing to secure a policy on his Nederland rental property.

More of the article may be read here but it is very apparent the insurance companies have zero incentive to make it easy on their policy holders to make a claim and instead work the system to limit the amount they pay out. Because of this, it is all the more important to be on top of your claims and maintain your end of the policy deal so that, in the event of a storm, your claim may be made immediately and, should the insurance company pull any games, you are ready and fully equipped to proceed with litigation.

Understanding Terms: Glossary

Published on: February 10, 2009 | By Berniard Law Firm

When going about shopping for the right policy or making sure your policy protects you in the ways you need, it is important to understand insurance terms used. In educating yourself about the legal jargon employed by the insurance companies, you can be better prepared to combat an unfair claim payment or prevent your policy from being hijacked by vague language.

Below, courtesy of the University of Illinois, is a glossary of insurance terms, ranging from the letter G to I:

Grace period. A period (usually 30 to 31 days) following the premium due date, during which an overdue premium may be paid without penalty. The policy remains in force throughout the period.

Thousands of Hurricane Ike Victims Still Without Resolved Claims

Published on: February 9, 2009 | By Berniard Law Firm

While 60 to 80 percent of damage claims have been settled as of December 10, as reported by MSNBC on January 26, thousands of Hurricane Ike victims still have not had their issues resolved. With more and more Texas residents waiting for a response from their insurer, litigation is beginning to be the only option as insurance companies drag their feet to make payouts.

As Texas Insurance Code has time requirements in which residents are guaranteed prompt action from the insurance company, specific legal ramifications exist to compensate the insured when the policy provider fails to assist in a timely manner. The Texas Department of Insurance is looking into mediation programs that mirror those in Florida, Mississippi and Louisiana as a manner of third party resolution. However nothing is certain at this time.

What is certain, however, is that Hurricane Ike victims need assistance and need it now. Insurance companies often stall or delay claim proceedings in order to make policy holders feel “grateful” when the payment finally does arrive. This payment, though, oftentimes is inadequate and not the compensation they deserve. By having an attorney look into their claim and the process it has taken up to this moment, those individuals that were affected by Hurricane Ike can be ahead of the curve if or when litigation is necessary.

Recession Looks to Raise Policy Premiums

Published on: February 8, 2009 | By Berniard Law Firm

According to NOLA.com, where Katrina raised prices and handicapped policy holders with higher premiums, the national recession is continuing the trend.

In an article published today on NOLA.com, the specter of rising costs has many people facing the hard decision of paying more or cutting coverage.

Insurers can’t make the investment returns they’ve made in the stock market in recent years and they’re unable to raise new money from investors, so they can’t support as many policies on their books. Meanwhile, reinsurance rates have risen as companies try to buy more coverage and because 2008 was the second-worst year for disasters worldwide, costing the insurance industry more than $50 billion.

With few options for raising capital, insurers need to shed policies from their books and raise rates to make the numbers work.

In the event of a hurricane, this shortened coverage means that damage will no longer be reimbursed and families will face even worse hardships than they do today. With policy holders cutting coverage, though, agents may become more vague with what policies do and don’t cover. This is extremely problematic for individuals who are unfamiliar with insurance law and raises the importance of having a full understanding and conversation with your agent, as well as the assistance of an attorney if the worst happens and your claim is denied unreasonably.

Understanding Terms: Glossary

Published on: February 7, 2009 | By Berniard Law Firm

When going about shopping for the right policy or making sure your policy protects you in the ways you need, it is important to understand insurance terms used. In educating yourself about the legal jargon employed by the insurance companies, you can be better prepared to combat an unfair claim payment or prevent your policy from being hijacked by vague language.

Below, courtesy of the University of Illinois, is a glossary of insurance terms, ranging from the letter D to F:

Deductible. The amount of covered charges an individual must pay before the insurance company begins payments. Insurance company can only require individual to pay 50% of the basic health services.

State officials call into question State Farm’s “plight”

Published on: February 6, 2009 | By Berniard Law Firm

In further developments to State Farm’s desired exit from providing insurance to customers in Florida, the state’s insurance regulators have begun investigating and questioning just how reasonable the insurer’s claims are.

Insurance regulators question State Farm’s dire claim

By Paige St. John

Couple underpaid by insurer after Katrina receive additional $500,000

Published on: February 5, 2009 | By Berniard Law Firm

When James and Gladys Kemp Lisanby felt they did not receive the proper amount they deserved from their insurance company after Hurricane Katrina severely damaged their home, they did what many Gulf Coast residents are unfortunately too scared or unsure to do: they got a lawyer. And they won.

After receiving over $900,000 in 2008 for their suit of policy limits for their losses and punitive damages as a result of deliberate underpayment, the Lisanbys received an additional $500,000 in January of 2009, bringing their total awardance to over $1.4 million. The additional $500,000 was awarded to compensate legal costs and case fees. The Mississippi couple successfully sued their insurance company, United States Automobile Association, after USAA paid the Lisanbys approximately $45,000 for damage done to the structure and property located on the second floor.

The important message sent by the Mississippi courts is simple: the law will help defend Gulf Coast residents when they are hit by underpaying insurance companies. Various cases similar to the Lisanbys’ have gone through Louisiana and Texas courts.

Understanding Terms: Glossary

Published on: February 4, 2009 | By Berniard Law Firm

When going about shopping for the right policy or making sure your policy protects you in the ways you need, it is important to understand insurance terms used. In educating yourself about the legal jargon employed by the insurance companies, you can be better prepared to combat an unfair claim payment or prevent your policy from being hijacked by vague language.

Below, courtesy of the University of Illinois, is a glossary of insurance terms from the letter C:

Case management. An approach designed to provide effective treatment to meet the specific needs of people with serious medical problems. Benefits not traditionally covered (for example, medical equipment) may be provided to promote cost-effectiveness.

Understanding Terms: Glossary

Published on: February 3, 2009 | By Berniard Law Firm

Understanding Terms Used in Insurance Claims

When going about shopping for the right policy or making sure your policy protects you in the ways you need, it is important to understand insurance terms used. In educating yourself about the legal jargon employed by the insurance companies, you can be better prepared to combat an unfair claim payment or prevent your policy from being hijacked by vague language.

Below, courtesy of the University of Illinois, is a glossary of insurance terms, ranging from the letter A to B: