\u201cThe business of insurance is one affected by the public interest, requiring that all persons be actuated by good faith, abstain from deception and practice honesty and equity in all insurance matters. Upon the insurer, the insured, and their representatives rests the duty of preserving inviolate the integrity of insurance.\u201d\u00a0 Revised Code of Washington 48.01.030<\/i><\/p>\n
Did you know that there are actually laws that govern how insurance companies treat their policyholders??? This is something that the insurance companies will never tell you.<\/p>\n
For example:<\/p>\n
For all . . . pertinent communications from a claimant reasonably suggesting that a response is expected, an appropriate reply must be provided within ten working days<\/span> for individual insurance policies. . . Washington Administrative Code 284-30-360 (3).<\/i><\/p>\n Upon receiving notification of a claim, every insurer must promptly provide<\/span> necessary claim forms, instructions, and reasonable assistance so that first party claimants can comply with the policy conditions and the insurer\u2019s reasonable requirements. Compliance with this paragraph within [ten working days] . . . constitutes compliance with that subsection.\u00a0 WAC 284-30-360 (4).<\/i><\/p>\n 10 days for a response! Who knew? When was the last time your insurance company got back to you that fast? And those are just minor examples. Much more important are things like an insurance company \u201cmust give equal consideration to its insured\u2019s interests and its own interests, and must not engage in any action that demonstrates a greater concern for its own financial interests than its insured\u2019s financial risk,\u201d and an insurance company must attempt, \u201cin good faith to effectuate prompt, fair and equitable settlements of claims in which liability has become reasonably clear.\u201d WAC 284-30-330 (6).<\/i><\/p>\n <\/i>You read it right, they can\u2019t worry about their billions of dollars instead of taking care of you, and they have to effectuate \u2013 that is, push \u2013 fair settlements!<\/p>\n Getting abused by an insurance company is so common that consumers have come to accept it:\u00a0 \u201cThat\u2019s just the way it is . . .\u201d But that is NOT the way it is. The law is on your side.<\/p>\n