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5 ways to avoid being scammed by an insurance company
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[QUOTE="Learners Quest, post: 9351, member: 250"] It is no secret that insurance companies are out to make a profit. They do this by collecting premiums from policyholders and then using that money to pay for claims. However, insurance companies also have to pay for their own expenses, such as administrative costs and profits for shareholders. This leaves them with a strong incentive to minimize the amount of money they pay out in claims. One way that insurance companies do this is by denying claims. If you have ever had a claim denied, you know how frustrating and stressful it can be. Luckily, there are some things you can do to reduce your chances of being scammed by an insurance company. 1. Know Your Policy One of the best ways to avoid being scammed by an insurance company is to know your policy inside and out. You should be familiar with all of the details, including what is covered and what is not. If you have any questions, don't hesitate to ask your agent or broker. 2. Keep Good Records If you ever need to file a claim, good records will be your best friend. Be sure to keep all of your important documents, such as policy statements and medical records, in a safe place. This will make it much easier to file a successful claim. 3. Read Your Renewal Notices Each year, you should receive a renewal notice from your insurance company. This notice will list any changes to your policy for the upcoming year. Be sure to read it carefully so that you understand any changes that could affect your coverage. 4. Know Your Options If you are not happy with your current insurance company, you have options. You can shop around and compare rates from other companies. You can also switch to a different type of policy, such as a high-deductible plan. 5. Be diligent The best way to avoid being scammed by an insurance company is to be diligent. If you are ever in doubt about a claim or your coverage, don't hesitate to ask questions. And, if you think you've been scammed, be sure to contact your state insurance department. [/QUOTE]
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