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Thursday, September 19, 2024

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U.S. gender wage gap grows for first time in a decade; Trump has embraced NC's Mark Robinson, calling him 'Martin Luther King on steroids'; Volunteers sought as early voting kicks off in MN; Women's political contributions in congressional races fall short of men's.

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Rising threats of political violence, a Federal Reserve rate cut, crypto industry campaign contributions and reproductive rights are shaping today's political landscape.

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A USDA report shows a widening gap in rural versus urban health, a North Carolina county remains divided over a LGBTQ library display, and Minnesota Gov. Tim Walz' policies are spotlighted after his elevation to the Democratic presidential ticket.

Low Insurance Payouts: An Unnatural Disaster for Wyomingites

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Monday, August 27, 2007   

Some Wyomingites struck by disaster are forced to pick the lesser of two evils when dealing with insurance claims. They must choose between taking a low payment from the insurance company, or dragging the process out by fighting the company in court. This tactic by insurance companies not only delays settlements, but it has produced record insurance industry profits nationwide in the past decade.

Cody carpenter Matt Weed was the victim of a house fire caused by lightning. He says his insurance company offered about 60 percent of what his policy covers, and he’s one of the few who will challenge the company in court.

"You know, even if I walk away with less than what they’re offering me now after court fees and lawyer fees, I don’t think it’s fair what they’re doing, so I’d rather do this than let them get away with it."

Wyoming has a law meant to prevent insurance tactics like this, but only if a lawyer can prove the same company has done it numerous times. Lawyers say that’s a tough case to put together. Senator Hank Coe proposed a bill that would make it illegal for an insurance company to do it just once. The bill failed, but he says he may try it again.

"All my bill did two years ago, and I think we’ll structure it about the same if we do it again, would require insurance companies to act in good faith. They just came unglued with that."

According to the Insurance Information Institute, the highest profit margin in the industry last year went to property and casualty insurers, the companies that insure homes and cars. In 2006, they took in $63 million, compared to $44 million the previous year. Insurance companies say their process is the only way to settle claims quickly and fairly.




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