Nonforfeiture Equations

In Maryland, insurance policies are generally construed in the same manner as contracts. Collier v. MD-Individual Practice Ass 'n, Inc., 327 Md. 1, 5, 607 A.2d 537 (1992). An insurance contract, like any other contract, is measured by its terms unless a statute, a regulation, or public policy is violated thereby. Pac. Indem. Co. v. Interstate Fire & Cas. Co., 302 Md. 383, 388, 488 A.2d 486 (1985). We do not follow the rule, adopted in other jurisdictions, that an insurance policy is to be construed most strongly against the insurer. Collier, 327 Md. at 5; Cheney, 315 Md. at 766. We construe the instrument as a whole in order to determine the parties’ intent. Pac. Indem., 302 Md. at 388; Collier, 327 Md. at 5; Aragona v. St. Paul Fire & Marine Ins. Co., 281 Md. 371, 375, 378 A.2d 1346 (1977). In order to determine the intention of the parties, “Maryland courts should examine the character of the contract, its purpose, and the facts and circumstances of the parties at the time of execution.” Pac. Indem., 302 Md. at 388 (citations omitted). In doing so, we give the words their usual, ordinary, and accepted meanings. Id.; Mut. Fire Ins. Co. v. Ackerman, 162 Md. App. 1, 5, 872 A.2d 110 (2005) (citing Nationwide Mut. Ins. Co. v. Scherr, 101 Md. App. 690, 695, 647 A.2d 1297 (1994)). The test is what meaning a reasonably prudent layperson would attach to the term. Pac. Indem., 302 Md. at 388.

“Insurance is expensive,” Furgeson said, “but if you have to take advantage of the insurance you purchased, it makes the insurance premium seem cheep compared to a production loss.”

This case shows that the insurance company’s duty to deal in good faith does not extend to the plaintiffs who were not insured under the contract. Because there was no relationship with the insurer, the plaintiffs could not bring a direct action for bad faith against the insurance company to recover an amount in excess of the policy limits.

An estimated 249 million private sector insurance claims will have been filed in 2011 (U.S. Department of Treasury, 2010, p. 43343). If the government sector and the market for individual coverage are included, an additional 70 and 62 million claims, respectively, were expected to be filed. Of these, 48.1 million or 12.6% will be denied. Only a small percentage of denied claims are expected to be appealed, approximately 162,300 or 0.34%, but nearly 40% of these should be successful. This essay describes the appeal process and its benefits.

Insurance, most notably health insurance, has become a major part of the American lives. Health will always be a major concern for people, so health insurance would be the most bought insurance. Sometimes people get sick unexpectedly, people will usually be thankful that they have insurance but not really know how their insurance works. It is imperative to know how one’s insurance works so one can pick the best plan that will benefit them without being overcharged for services that they do not need. There are three types of insurance plans that are widely used by health insurance companies. They are: FFS (Fee-For-Service Plan), HMO (Health Maintenance Organization), and PPO (Preferred Provider Organization). FFS plans is a little older than the managed care plans, HMO’s and PPO’s, however they are still used today. HMO’s and PPO’s are the most popular health insurance plans used by the insurance companies.

Most of us understand that having insurance is about protecting the future. An unforeseen tragedy like the death of a spouse, a major auto accident or the loss of a home or business to fire can financially devastate a family or business and upend years of careful planning.

Basically, the insurance company banks (literally) on the idea that after years of fighting with the carrier, customers will be so relieved

If you’ve recently purchased an insurance policy, congratulations! Having the financial protections of an insurance provider will help your family if the unthinkable happens. The deliberate choice to take your family’s financial future by the reins is a big step.

Hocker and CIC mutually entered a contract which is valid and continued to be effective with responsibility and benefit. Each party voluntarily executed the contract and committed to it. CIC has never denied the validity of the executed contract and CIC has never substantiated any failure or noncompliance on Mr. Hocker’s part. On the other side, Mr. Hocker had put all his trust in CIC, fulfilled his contractual duty, paying all premium timely and complied with all terms and condition of the policy holder. Ultimately, Mr. Hocker purchased insurance from CIC with only reason-to buy peace of mind.

Policyholders are regularly worried about the financial strength of the take out insurance agencies. Numerous are new businesses and have a little surplus accessible to pay cases of $20 million or all the more, even after an organization's reinsurance kicks in, there won't be sufficient cash to pay the greater part of the cases.

There are several policy provisions that shield insurance companies so they can cancel the contract that they originally sold to the client. These policies are, D&O Policies, GLC Policies, and E&O Policies.

The insurance industry has long been applying game theory to evaluate whether or not individuals are insurable and determine how much premium to charge them based on their apparent needs. This interaction between the consumer and the insurance company can be characterized as a game because not only are they playing against one another but each party is waging on an outcome more beneficial to them. In a traditional life insurance, there are many variables to consider when utilizing game theory to form a strategy as there are investment components along with complex riders. Thus, in order to keep the game relatively simple, this paper will assume the insurance being considered is term life and use game

Throughout my visits at CHKD, I heard about numerous different situations in which the insurance companies have left their customers out in the cold looking for a choice and balance that no longer exists.

The disparity of wages between celebrities and professionals has only recently come to the forefront. Some are of the opinions that there is no bias in payments and each profession is rightly paid; however, my personal perspective is that there is an enormous gap between the money earned by artists and medical or academic professionals. In the following paragraphs, I will explore the rationale for both beliefs as well as proffer rationale for my own viewpoint on the matter.

Recently, insurers introduced online insurance policies. This got a wide spread acceptance from many clients in that it is quick, easy and convenient. It is also cheaper in that a person doesn’t have to travel