Policyholders frequently believe insurance will protect them from all manner of unexpected events and are surprised to find their policies may not provide the level of coverage expected. (Photo: iStockphoto)
When it comes to claims, insurance companies operate like high-speed trains. Their goal is to take insurance claims from Point A to Point B as quickly as possible with no stops. Anything that might slow a claim down has to go through a strict cost-benefit analysis and management approval.
So, if speed is the "status quo," then why do claims get contentious and drag out for months or years?
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