If memory serves, didn’t AIG, Travelers, Hartford and a slew of other “big insurance” companies get nailed with hefty fines a couple of years back for bid rigging? As for the Wall Street sharks, didn’t they cart off a major fund manager yesterday for defrauding investers of close to $50bb.
Having worked for many companies from tiny(30 employees) to a multinational (40K employees), I have to say, I believe there only bad companies and good companies. All of them had their share of jerks and good people. Size has nothing to do with whether they are ethical or not. Those that complain are the whining losers that are put out of business by a competent large company or by an adept small company.
Beautifully said, MA. And right on the money (forgive the bad pun) as well. I doubt we’ll see many of the assorted 300 producers who were disciplined being ‘perp-walked’ in quite the same way Badoff was treated yesterday. And that’s as it should be.
In the article it is mentioned that “If anything happens, you will be covered” It is not if anything happens, it is if a covered cause of loss occurs you will be put back in the same position you were in before the loss. As we know insurance will not cover everything and statements like the one above are what get us into trouble.
With the rest of the article if agents are not upholding their duties as an agent then they should not be in this line of business, or for that fact any line of business. It is individuals like thoes that have lost their license, along with other business people in all businesses, that put their own needs before the good of their company and the customers they serve.
of the article if agents are not upholding their duties as an agent then they should not be in this line of business. TO THE UNTOUCHABLES. Edward B. Rust, Jr., will be happy to tell you that he is the Chief Executive Officer of State Farm Mutual Insurance Company. He has deep family ties to State Farm, as his father and grand father have both served in that capacity. He will also tell you that he is an educated man who has been to law school and is a past practicing attorney. In addition, he was the chairman of the Coalition for Excellence in Education and a member of George W. Bush’s transition advisory team on education. So with all of that education why will he not deal with his company’s inbred greed. Does he not know that we are in the 21st century where anyone can look on the internet and see the billions of dollars that are being spent to protect their empire from the consumer? In Utah, the company was fine $25 million in punitive damages, in part for the “systematic destruction of documents and systematic manipulation of individual claim files to conceal claim mishandling”. An Idaho appeals court fined the company $9.5 million in punitive damages for making use of “a completely bogus” outside bill review company that helped lower the cost of medical bills. In October of 1999, an Illinois jury rendered a $456 million judgment against State Farm and an additional $730 million in punitive damages for the insurer’s breach of contract with auto policy holders by relying on generic replacement parts. Rust was adamant in his insistence that fraud had not been committed. A class action law suit in the name of State Farm policy holders was filed in 2003 for breach of contract and statutory consumer fraud in which $1.1 billion was awarded to plaintiffs. When a company is misleading the public, should that not be considered fraud? A consumer would go to prison for that type of behavior. State Farm will let you know that, in several states, fraud and abuse is pushing up the cost of auto insurance. A court in late 2001 reached an unfriendly consumer decision that could have the effect of reaching deep into the pockets of the consumer. Sharply higher jury awards in vehicular liability cases are putting additional upward pressure on auto insurance rates. The average jury award in auto liability cases rose from $187,000 to $269,000 in 2000, an increase of 44%. I question if any of the lawsuits would be necessary if the company would just fairly pay their claims. The company represents on their web-site that consumer protection is one of their most important goals, but do they really think that courts would be awarding multiple millions of dollars in bad faith claims if that were their emphasis? State Farm’s ratings are based on their financial strength. State Farm states that their high ratings are also based on strong claims paying ability. With this ability, why is it necessary for their policy holders to allege that the claims department was directed, in evaluating their cases, to take them to trial instead of settling within the limits of the policy? This practice exposed policyholders to judgments above the limits of their policies, when the company was attempting to make an effort to win smaller decisions. Two former in-house attorneys for State Farm contend that they were often called upon by the insurer to represent its’ policy holders and were forced to commit “unlawful and unethical activities, including requiring the two to stay silent about the rights of the policyholders”. State Farm seems to have reckless indifference for the truth for the purpose of corporate and personal economic gain. State Farm should know that continued scrutiny of their claims paying practices will continue especially with the advent of new claims that are surfacing from lawsuits revolving around Hurricane Katrina.
TOUCHABLES. $25 million in punitive damages, $9.5 million $456 million $730 million in punitive damages for the insurer’s breach of contractbreach of contract and statutory consumer fraud in which $1.1 billion .187,000 to $269,000 . GET MY PONIT
I finally figured out that you must be a CEO. With your denial, that is the only possibility. We’re all seeing how well CEO’s do with numbers aren’t we? All you have to do is turn on the news. And then there was Katrina! Mr. professional poster? If I am what are you? Pfffffttttt!
The regultors go after the little people not the big insurance and wall street sharks?
If memory serves, didn’t AIG, Travelers, Hartford and a slew of other “big insurance” companies get nailed with hefty fines a couple of years back for bid rigging? As for the Wall Street sharks, didn’t they cart off a major fund manager yesterday for defrauding investers of close to $50bb.
Having worked for many companies from tiny(30 employees) to a multinational (40K employees), I have to say, I believe there only bad companies and good companies. All of them had their share of jerks and good people. Size has nothing to do with whether they are ethical or not. Those that complain are the whining losers that are put out of business by a competent large company or by an adept small company.
Beautifully said, MA. And right on the money (forgive the bad pun) as well. I doubt we’ll see many of the assorted 300 producers who were disciplined being ‘perp-walked’ in quite the same way Badoff was treated yesterday. And that’s as it should be.
In the article it is mentioned that “If anything happens, you will be covered” It is not if anything happens, it is if a covered cause of loss occurs you will be put back in the same position you were in before the loss. As we know insurance will not cover everything and statements like the one above are what get us into trouble.
With the rest of the article if agents are not upholding their duties as an agent then they should not be in this line of business, or for that fact any line of business. It is individuals like thoes that have lost their license, along with other business people in all businesses, that put their own needs before the good of their company and the customers they serve.
of the article if agents are not upholding their duties as an agent then they should not be in this line of business. TO THE UNTOUCHABLES. Edward B. Rust, Jr., will be happy to tell you that he is the Chief Executive Officer of State Farm Mutual Insurance Company. He has deep family ties to State Farm, as his father and grand father have both served in that capacity. He will also tell you that he is an educated man who has been to law school and is a past practicing attorney. In addition, he was the chairman of the Coalition for Excellence in Education and a member of George W. Bush’s transition advisory team on education. So with all of that education why will he not deal with his company’s inbred greed. Does he not know that we are in the 21st century where anyone can look on the internet and see the billions of dollars that are being spent to protect their empire from the consumer? In Utah, the company was fine $25 million in punitive damages, in part for the “systematic destruction of documents and systematic manipulation of individual claim files to conceal claim mishandling”. An Idaho appeals court fined the company $9.5 million in punitive damages for making use of “a completely bogus” outside bill review company that helped lower the cost of medical bills. In October of 1999, an Illinois jury rendered a $456 million judgment against State Farm and an additional $730 million in punitive damages for the insurer’s breach of contract with auto policy holders by relying on generic replacement parts. Rust was adamant in his insistence that fraud had not been committed. A class action law suit in the name of State Farm policy holders was filed in 2003 for breach of contract and statutory consumer fraud in which $1.1 billion was awarded to plaintiffs. When a company is misleading the public, should that not be considered fraud? A consumer would go to prison for that type of behavior. State Farm will let you know that, in several states, fraud and abuse is pushing up the cost of auto insurance. A court in late 2001 reached an unfriendly consumer decision that could have the effect of reaching deep into the pockets of the consumer. Sharply higher jury awards in vehicular liability cases are putting additional upward pressure on auto insurance rates. The average jury award in auto liability cases rose from $187,000 to $269,000 in 2000, an increase of 44%. I question if any of the lawsuits would be necessary if the company would just fairly pay their claims. The company represents on their web-site that consumer protection is one of their most important goals, but do they really think that courts would be awarding multiple millions of dollars in bad faith claims if that were their emphasis? State Farm’s ratings are based on their financial strength. State Farm states that their high ratings are also based on strong claims paying ability. With this ability, why is it necessary for their policy holders to allege that the claims department was directed, in evaluating their cases, to take them to trial instead of settling within the limits of the policy? This practice exposed policyholders to judgments above the limits of their policies, when the company was attempting to make an effort to win smaller decisions. Two former in-house attorneys for State Farm contend that they were often called upon by the insurer to represent its’ policy holders and were forced to commit “unlawful and unethical activities, including requiring the two to stay silent about the rights of the policyholders”. State Farm seems to have reckless indifference for the truth for the purpose of corporate and personal economic gain. State Farm should know that continued scrutiny of their claims paying practices will continue especially with the advent of new claims that are surfacing from lawsuits revolving around Hurricane Katrina.
Don’t you love the wasted space from the professional paid posters? Does anyone actually read through these tedious cut and paste postings?
TOUCHABLES. $25 million in punitive damages, $9.5 million $456 million $730 million in punitive damages for the insurer’s breach of contractbreach of contract and statutory consumer fraud in which $1.1 billion .187,000 to $269,000 . GET MY PONIT
Right, and all of those numbers are accurate and held up on appeal. Not. Who do you work for Mr. professional poster?
Notice almost all of the 75 are from in and around New York City? No surprise there. 2 different states.
I finally figured out that you must be a CEO. With your denial, that is the only possibility. We’re all seeing how well CEO’s do with numbers aren’t we? All you have to do is turn on the news. And then there was Katrina! Mr. professional poster? If I am what are you? Pfffffttttt!