Health Insurance

Health Insurance Articles

Before purchasing insurance, it is a good idea to check the ratings of the company to find out how it fares. That is where a ratings company like Moody's comes in, providing you with a simple scale to illustrate how well the company you are interested in is doing. Armed with that information, the consumer is able to make better informed decisions, and to be prepared for what they are signing themselves up for.
Founded in 1968 by James David Power, JD Power and Associates is a consumer ratings company which provides product, service, and overall company ratings in fields ranging from automobiles to travel. Rather than performing independent surveys, JD Power and Associates accumulate consumer reviews and ratings, organized into facets describing the rating. For example, the JD Power and Associates page for insurance company ratings provides 4 categories or ratings, plus a fifth category for the overall score.
Standard and Poor's (S&P) Insurance Company Ratings Explained
Standard & Poor's Company provides ratings for insurance companies to help you choose the best company for your needs and avoid potential losses if the company you purchase a policy from should become insolvent. Standard and Poor's ratings cannot prevent bad things from happening as a result of your insurance choices, but they can at least give you some insight to help make a better, more informed decision. To insure their ratings are accurate and trustworthy, the Standard and Poor's ratings are designated by a team of financial analysts who look at a range of credit criteria before issuing a rating.
AM Best Ratings Explained
The A.M. Best Company is one of the leading insurance and financial company ratings firms. The company uses a standard grading scale to provide consumers with information about the stability and long term financial outlook of financial companies. At a glance, someone who is comparing prices of different insurance companies can know whether they are dealing with a company that is in dire straits, is making a comeback from a financial blow, or is riding on top of the heap. Here is the grading scale used by A.M. Best Company, and what the grades mean to you.
Improving Your Credit Score Can Lower Insurance Costs
Your credit score plays an important part in determining what your rates will be for insurance policies. In many ways, insurance is like a line of credit, and your credit score is the indicator used to show how well you manage the different lines. By repairing your credit score, you open up possibilities for savings in all types of insurance, not to mention improving your ability to qualify for loans or other lines of credit.
Does Your Insurance Agent Have Your Best Interests in Mind?
If you are serious about your insurance needs, you should probably speak with an agent directly over the phone rather than by just looking at your computer screen. But it is important to have an agent who cares about your needs and has the knowledge and resources to get you the policies you should have at a price you can afford. Here are a few tips to help you know whether your agent is on your side, or whether it is time to shop around for another solution.
Switching Insurance Companies When You Have an Open Claim
You have the right to switch insurance companies any time you want. Even if you have an open claim with another insurance company, you can elect to switch your coverage. Keep in mind that your current claim will not transfer to the new insurance company, though, and your old insurer will still be the one that handles the claim until it is either settled or completely denied coverage.
Not Having Adequate Health Insurance Coverage Can Cost You
Sometimes, just having a health insurance policy does not mean your medical needs are taken care of. There are many scenarios in which health insurance fails, due to exclusions or limitations. Not having adequate coverage can be an expensive ordeal, and the out of pocket expenses can easily run into the thousands.
6 Large Insurance Claims
If the risks are manageable, insurance companies will write coverage for almost anything. Sometimes, even when the risks have carefully weighed, a claim is made that hits the record books. Here is a short list of the 6 most expensive insurance claims ever filed, which will certainly make any claims you've filed yourself pale by comparison.
For insurance companies, there are two ways to stop providing coverage on your insurance policy. The first method is to cancel the policy, and the second is to decide not to renew it. The difference between these methods is as big as the difference between night and day, and how much trouble you will have getting replacement insurance will depend on which method was used to end your current coverage.

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