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March 30, 2007, Newsletter Issue #46: "Good Faith" in Relation to Insurance
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Tip of the Week
When you sign up for any type of insurance, the insurance company enters into an agreement with you. In that agreement, the insurance company states that it will pay any claims that you submit provided they fall under your insurance policy, and that you are not trying to commit fraud against it. When an insurance company acts in "good faith", it completes all the agreed upon acts (such as paying claims) that were in the policy that was created. The company responds to your communication in a timely manner, and does not reject or delay your claims for false reasons. In short, it does all that was promised in the policy you signed.
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