Quote:
Originally Posted by HuskyMan
Time is money, let Progressive process it through their claims department. Follow up with a phone call now and then and eventually you'll get your $1000. less stress.
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Unless a court has ordered payment, there is no incentive for an insurance company to pay any valid claim quickly.
Time is money? Indeed it is!
Insurance companies make most of their profits investing premiums in the various investment markets. The time element that an insurance company has possession of the premium money before paying it out in claims is called 'float.' Berkshire-Hathaway, Inc, with their dozens upon dozens of insurance companies, for instance, has about $52 billion dollars +/- of 'float' money currently on hand. This 'float' money is interest free for the insurance company to use. Once you realize insurance is a racket, it all starts to make sense to the policyholder.
01-05-2011, 08:07 PM
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