Why Cant Insurance Companies Act In Good Will Rather Than To The Letter Of Laws?

[youngmafbog]

The Act was well intention ed but immediately they find a way to circumnavigate it, to their advantage of course.

http://www.dailymail.co.uk/money/bills/article-4535060/Admiral-hiding-real-price-hikes.html

[woofgang]

so people don’t keep a record of what they paid in previous years? Surely that is their responsibilty?

[youngmafbog]

They could but that was not the point of the Act was it?

[Deskdiary]

Granted it's sharp practice, but anybody who doesn't know what they paid in the previous year is a fool.

[jno]

people need to keep their own records, not expect the government to do it for them.

That said, it sounds as if they aren't abiding by the letter of the law - if as the report says the law requires them to list what they paid last year, they don't seem to be doing this.

[scooping]

Because they exist to make money.

[Peter Pedant]

sorry i thought this said 'good faith'

hur hur hur - a pun - insurance contract are at ultimate faith - uberima fidei - they are held to the contract unless there is mistake fraud or misrepresentation

well YMF dont study history - if you start now it is probably too late
BUT the first regulation was around 1700 ( this is insurance law history just in case you were wondering) and that was because the Life Houses were showing keenness to take premiums - but not to pay out
and the result is Regulation History - got everywhere
( oh that doesnt count loaves of bread or adulteration of beer which goes back to Saxon times)
Isaac Newton was the first to be employed to compile life tables by the way ( sort of actuarial history)

There ARE honest insurance agent s but I have yet to meet one.

[Peter Pedant]

No they exist to contract to pay out when a risk matures

The tension is that they like the premiums and they dont like paying out.

I am one of those who insure the very greatest dangers and never claim. others insure for everything and constantly claim - and continually have a fight over it

it comes out equal in the end
not surprisingly every claim I have made has been investigated

[EDDIE51]

^ And today every insurance company has employees whose sole job is to find ways to get out of paying claims! They call them 'claims advisers' or 'loss adjusters'.