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According to the commission, policyholders in the insurance industry have claimed N318.2b as claims of their insurance policies as of the fourth quarter of 2022.
Source: https://guardian.ng/news/fire-insurance-remains-low-despite-increasing-cases-of-inferno/
Additionally, it accumulates cash value that policyholders can borrow against or withdraw for various financial needs, though it affects the death benefit.
Source: https://dodbuzz.com/life-insurance-variations-2023-depth-details/
But the move to combine the plans has been criticized as unfair to HMO policyholders, who would essentially be keeping costs lower for PPO plans.
In a survey of Louisiana residents, 17% of policyholders said their home insurer canceled their coverage last year.
Source: https://woub.org/2023/07/22/how-climate-change-could-cause-a-home-insurance-meltdown/
In total, nearly $300 million in advance payments went to 41,000 policyholders.
It’s time to put policyholders first and address the longstanding systemic issues with the program that came under the national spotlight in the aftermath of Hurricane Sandy.
Liberty Mutual will issue $2.1 million in credits and $670,000 in refunds to about 11,800 current policyholders, averaging $178 each, as well as 8,700 former policyholders who will receive an average of $77 each.
Liberty Mutual will issue $2.1 million in credits and $670,000 in refunds to about 11,800 current policyholders, averaging $178 each, as well as 8,700 former policyholders who will receive an average of $77 each.
Mosaic Insurance has launched litigation liability coverage, offering critical financial protection to policyholders against the risk of adverse legal costs when pursuing litigation or arbitration.
Source: https://www.insurancejournal.com/news/international/2023/03/23/713568.htm
Overall, we are pleased with the strong segment result, as shareholders and policyholders got the benefit from higher rates in 2022.
Plain-vanilla term covers are ideal and are suitable for almost all types of policyholders.
The big question many are asking is will Idalia’s claims cause Citizens to burn through its $420 million in surplus in its Personal Lines Account, forcing it to levy an assessment on policyholders.
Source: https://www.insurancejournal.com/news/southeast/2023/09/05/738976.htm
The Office of the Ombudsman for Short-Term Insurance (Osti) reports that it receives many complaints about policyholders misrepresenting the ‘regular driver’ to pay a cheaper premium or lower excess.
Source: https://www.citizen.co.za/business/personal-finance/why-car-insurance-claim-rejected/
Those are employers and people who have purchased plans individually, and not all of the 1.9 million policyholders.
Source: https://www.americanpress.com/2023/08/23/jim-beam-columnblue-cross-sale-questioned/
While still an early feature available with limited insurers, existing policyholders can look for a switch or new policyholders can look to scale up their coverage.
While still an early feature available with limited insurers, existing policyholders can look for a switch or new policyholders can look to scale up their coverage.