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Are some insurance companies putting profits before people?
In the fall of 2003, one of the largest recorded wildfires in
California's history destroyed more than 2,200 houses and
killed 15 people. Soon after, many who'd lost their homes had
a rude awakening: Their insurance did not nearly cover their losses
as expected. The insurance industry, which claims to cover "more
property, more lives, more liability-related risks than any time at
history,"is busy fighting allegations that customers are receiving
smaller payouts than what they were promised. NOW collaborates with
Bloomberg Markets magazine to investigate tactics some
insurance companies may be using to reduce, avoid or stall
homeowners'
claims in an effort to boost their own earnings.
"The insurance industry ... is purposely misleading
customers,"California Lieutenant Governor and former Insurance
Commissioner John Garamendi tells NOW. "The first commandment of
the insurance industry is, 'Thou shalt pay as little, as late, as
possible.'... You go to financial heaven if you can carry out that
commandment."
The insurance industry is enjoying record-breaking profits, but
who's paying the price?
The NOW Web site at www.pbs.org/now will offer more
insight into these claims of impropriety and reactions from
insurance companies.