Do unused claim funds have to be returned to the insurance c
by Guest » Tue Jul 21, 2009 04:40 pm
The check has been received from the insurance company.
Total Comments: 12
Posted: Tue Jul 21, 2009 10:16 pm Post Subject:
You need to explain this a little better. Why are you not using the claim payment? Do you have to fix your car? No you do not. Can you still keep the money? Of course.
Posted: Wed Jul 22, 2009 05:19 am Post Subject:
Since you have posted your query in the auto insurance forum, we are assuming that it's related to auto insurance claim. Do correct us if it is otherwise.
Anyway, like Lori has said you're not required to return the unused fund to the insurance company.
What happened?? Have you found a cheaper shop to repair the car or have decided not to repair it at all?
Posted: Wed Jul 22, 2009 05:38 am Post Subject:
"Unused funds"? Some times... some times not. If a claim was paid in error (i.e. the amount should not have been paid) then yes, it needs to be returned.
Posted: Wed Jul 22, 2009 09:51 am Post Subject:
If a claim was paid in error (i.e. the amount should not have been paid)
How would I know if the claim was paid in error or not?
Posted: Wed Jul 22, 2009 12:24 pm Post Subject:
.
.
[quote:8d90f71121]
If a claim was paid in error (i.e. the amount should not have been paid)
How would I know if the claim was paid in error or not?
[/quote:8d90f71121]
Well lets see....... If my 1986 van was a total loss and the agreed settlement was $1200.oo. And I received a check for $12000.oo....... that's likely an error and that amount should not have been paid.
Posted: Thu Jul 23, 2009 03:40 am Post Subject:
Well lets see....... If my 1986 van was a total loss and the agreed settlement was $1200.oo. And I received a check for $12000.oo....... that's likely an error and that amount should not have been paid.
Oh! Okay, then I can conclude two things from your example, (1) that the insurance company is too rich, so they can give out money like anything, (2) or they need to improve their maths :lol:
Don't they negotiate on every penny? It's very unlikely that they would made a mistake like that.
Posted: Fri Jul 24, 2009 12:02 pm Post Subject:
It's very unlikely that they would made a mistake like that.
It's not a mistake of the adjuster. It's probably a printing fault at the accounts department.
Posted: Sat Jul 25, 2009 04:59 pm Post Subject:
It's not a mistake of the adjuster. It's probably a printing fault at the accounts department.
aaa no, adjuster issue their own drafts, and even if a secretary or assistant prints it the adjuster has to sign it, so if a mistake occured you can bet it was the adjusters mistake.
Posted: Mon Jul 27, 2009 09:02 am Post Subject:
aaa no, adjuster issue their own drafts, and even if a secretary or assistant prints it the adjuster has to sign it, so if a mistake occured you can bet it was the adjusters mistake.
Then the adjuster is rich. :lol:
Tell me Lori, what would be the adjuster's penalty for committing such a mistake? And also, is the claimant required to return the money in case of over payment?
Posted: Mon Jul 27, 2009 10:08 am Post Subject:
Then the adjuster is rich.
Not hardly.
Tell me Lori, what would be the adjuster's penalty for committing such a mistake?
Probably get fired...
And also, is the claimant required to return the money in case of over payment?
Might have a harder time getting it back from a claimant, than an insured. Anyone over paid by that amount should have enough character to bring the mistake to someones attention...although we're short on character. I would guess once it was found they would be required to return it or face a lawsuit. Same as if the bank puts money in your account that isn't yours..
Posted: Tue Jul 21, 2009 10:16 pm Post Subject:
You need to explain this a little better. Why are you not using the claim payment? Do you have to fix your car? No you do not. Can you still keep the money? Of course.
Posted: Wed Jul 22, 2009 05:19 am Post Subject:
Since you have posted your query in the auto insurance forum, we are assuming that it's related to auto insurance claim. Do correct us if it is otherwise.
Anyway, like Lori has said you're not required to return the unused fund to the insurance company.
What happened?? Have you found a cheaper shop to repair the car or have decided not to repair it at all?
Posted: Wed Jul 22, 2009 05:38 am Post Subject:
"Unused funds"? Some times... some times not. If a claim was paid in error (i.e. the amount should not have been paid) then yes, it needs to be returned.
Posted: Wed Jul 22, 2009 09:51 am Post Subject:
If a claim was paid in error (i.e. the amount should not have been paid)
How would I know if the claim was paid in error or not?
Posted: Wed Jul 22, 2009 12:24 pm Post Subject:
.
.
[quote:8d90f71121]
If a claim was paid in error (i.e. the amount should not have been paid)
How would I know if the claim was paid in error or not?
[/quote:8d90f71121]
Well lets see....... If my 1986 van was a total loss and the agreed settlement was $1200.oo. And I received a check for $12000.oo....... that's likely an error and that amount should not have been paid.
Posted: Thu Jul 23, 2009 03:40 am Post Subject:
Well lets see....... If my 1986 van was a total loss and the agreed settlement was $1200.oo. And I received a check for $12000.oo....... that's likely an error and that amount should not have been paid.
Oh! Okay, then I can conclude two things from your example, (1) that the insurance company is too rich, so they can give out money like anything, (2) or they need to improve their maths :lol:
Don't they negotiate on every penny? It's very unlikely that they would made a mistake like that.
Posted: Fri Jul 24, 2009 12:02 pm Post Subject:
It's very unlikely that they would made a mistake like that.
It's not a mistake of the adjuster. It's probably a printing fault at the accounts department.
Posted: Sat Jul 25, 2009 04:59 pm Post Subject:
It's not a mistake of the adjuster. It's probably a printing fault at the accounts department.
aaa no, adjuster issue their own drafts, and even if a secretary or assistant prints it the adjuster has to sign it, so if a mistake occured you can bet it was the adjusters mistake.Posted: Mon Jul 27, 2009 09:02 am Post Subject:
aaa no, adjuster issue their own drafts, and even if a secretary or assistant prints it the adjuster has to sign it, so if a mistake occured you can bet it was the adjusters mistake.
Then the adjuster is rich. :lol:
Tell me Lori, what would be the adjuster's penalty for committing such a mistake? And also, is the claimant required to return the money in case of over payment?
Posted: Mon Jul 27, 2009 10:08 am Post Subject:
Then the adjuster is rich.
Not hardly.Tell me Lori, what would be the adjuster's penalty for committing such a mistake?
Probably get fired...And also, is the claimant required to return the money in case of over payment?
Might have a harder time getting it back from a claimant, than an insured. Anyone over paid by that amount should have enough character to bring the mistake to someones attention...although we're short on character. I would guess once it was found they would be required to return it or face a lawsuit. Same as if the bank puts money in your account that isn't yours..Add your comment