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Consumers Worried About Insurance Coverage

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The sudden and dramatic default of insurance giant AIG has raised a red flag for consumers. “Now they're wondering just how solid and solvent their own coverage is, and they're worried,” said Eric Oster, Vice President and COO of the Insurance Bureau.


Added on: Tue Oct 28, 2008 10:30 am by : JeremyHolter
Gullible-gull
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1.00 Dollars($)
     
The current chaotic condition of the finance industry is enough to scare the shit out of anyone. AIG is one such instance, I was just wondering how many other big companies are surviving at the bailout of the Fed govt.


Jeremy Holter
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Jeremy Holter
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204.60 Dollars($)
     
I think that if an insurance company goes bankrupt and close down its operation, another insurer will take up the risks the company has insured, i.e. the clients will continue receiving the coverage with the new company and will make the premium payment, henceforth, to the acquiring insurer.

However, it would be best at the consumers interest to check the position of their carriers with the rating companies like-A.M. Best and Standard & Poor and so forth.

~jeremy


LifeIsGood
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1.09 Dollars($)
     
Keep in mind that AIG's auto insurance division isn't what had problems. It was everything else they had their fingers in.


sdchargersfan
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10.86 Dollars($)
     
I'm gonna go to another 'direction' with this. Being in the military, I worry that our 'government' is SOO screwed up, that the insurance that the military 'holds' may be affected, as well. TOO many soldiers count on the insurance they have...........Medical AND Life Insurance. Just imagine if they lost it.............what a scary thought.


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