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"Bad faith insurance companies" are those that engage in tactics that unfairly deny, limit or delay the insurance benefits that should be given to their policyholders. Some insurance companies have a good track record when it comes to treating clients fairly, but other corporations have well-deserved reputations as bad faith insurance companies — and they shouldn't be allowed to do business in ways that hurt consumers.
Bad faith insurance companies unfairly raise premiums, refuse to insure, and deny claims to hundreds of thousands of deserving individuals and families every year, all in the name of making a profit. The interests of these bad faith insurance companies' shareholders are placed above the rights of the policyholders.
Fortunately, someone who has been harmed can fight a bad faith insurance company. There are state and federal laws that prohibit bad faith practices, whether the insurance policies are for health, life, auto, renters or home insurance. When an insurance company is caught and proven to have engaged in a bad faith practice, the company can be held liable for compensating the injured policyholder(s), paying benefits and punitive damages.
The American Association for Justice (AAJ), formerly the Association of Trial Lawyers of America (ATLA), did a great deal of research to identify the top three bad faith insurance companies in the U.S. They investigated:
The AAJ investigation covered insurance companies that provide health, life, disability, homeowners and vehicle insurance, and their findings revealed the "Top 3" bad faith insurance companies as:
Reading the AAJ reports about these bad faith insurance companies and the other seven insurers that round out the "top 10" bad faith insurance companies (State Farm, Conseco, WellPoint, Farmers, UnitedHealth, Torchmark, and Liberty Mutual) can make you want to scream with anger. It's also worthwhile to note that the insurance industry in the U.S. takes in over $1 trillion in premiums every year.
If you've been victimized by a bad faith insurance company, don't let it go. Talk to an attorney who is not afraid to stand up to these companies and defend your legal rights. To schedule a private consultation to discuss your individual circumstances, contact our bad faith lawyers today.
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