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"Insurance companies are profit-oriented like every other business. They advertise being there for you when you need them most when they intend to leverage such moments."
OKLAHOMA CITY, OK, November 16, 2023 /24-7PressRelease/ -- The average American understands the importance of insurance and how it can be a lifesaver at the most critical times.
However, they second-guess buying insurance policies because unfulfilled claims are fast becoming the standard with insurance companies.
This creates unhealthy mistrust between insurance companies and their clients and prospects. Policyholders are gradually understanding the power they hold and are using legal means to upturn the situation.
Bad Faith Insurance?
Bad faith insurance refers to an insurance company's attempt to delay or withhold the claims and damages promised to policyholders. It doesn't have to be an outright refusal to pay the claims owed to a policyholder.
Bad faith can be anything from misrepresenting the language stated in the original contract to taking too long to investigate the incident within a reasonable period.
How to Identify Bad Faith Insurance Claims
According to Doug Terry, Oklahoma City's foremost insurance lawyer, recognizing what bad faith insurance is and what it is can speed up your claim recovery.
Many insurance companies know policyholders ignore these details and capitalize on them. Doug Terry says: "Insurance companies are profit-oriented like every other business. They advertise being there for you when you need them most when they intend to leverage such moments."
He further states: "It's true that there are many good insurers that care about their policyholders and put them first, but you need to work with reputable bad faith insurance lawyers to put the bad guys out of business."
Elements of bad faith insurance include:
• Delaying claims
• Paying less than what was stated in the contract
• Refusing to pay with no credible reason
• Slow investigation of claims
• Piling damages due to delay
• Tweaking contract terms without due consultation
• Canceling the policy to avoid paying claims.
Although these elements alone do not cover the entirety of bad faith insurance claims, they are the most common. They should serve as a guide against such practices by dishonest insurers.
About Doug Terry Law
Doug Terry Law is owned and founded by one of the most reputable insurance attorneys in Oklahoma—Doug Terry.
He is widely known and respected for his strong winning record against insurance companies, the most recent being over $200 million in compensation.
Terry is recognized as an Oklahoma Super Lawyer and awarded a Martindale-Hubbell "AV Preeminent" rating by his peers for providing top-tier counsel.
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