by Jeremy Holter » Tue Oct 28, 2008 10:30 am
The sudden and dramatic default of insurance giant AIG has raised a red flag for consumers. “Now they're wondering just how solid and solvent their own coverage is, and they're worried,” said Eric Oster, Vice President and COO of the Insurance Bureau.
Posted: Tue Oct 28, 2008 10:36 am Post Subject:
The current chaotic condition of the finance industry is enough to scare the shit out of anyone. AIG is one such instance, I was just wondering how many other big companies are surviving at the bailout of the Fed govt.
Posted: Tue Oct 28, 2008 10:44 am Post Subject:
I think that if an insurance company goes bankrupt and close down its operation, another insurer will take up the risks the company has insured, i.e. the clients will continue receiving the coverage with the new company and will make the premium payment, henceforth, to the acquiring insurer.
However, it would be best at the consumers interest to check the position of their carriers with the rating companies like-A.M. Best and Standard & Poor and so forth.
~jeremy
Posted: Tue Oct 28, 2008 02:59 pm Post Subject:
Keep in mind that AIG's auto insurance division isn't what had problems. It was everything else they had their fingers in.
Posted: Wed Oct 29, 2008 03:19 pm Post Subject: insurance
I'm gonna go to another 'direction' with this. Being in the military, I worry that our 'government' is SOO screwed up, that the insurance that the military 'holds' may be affected, as well. TOO many soldiers count on the insurance they have...........Medical AND Life Insurance. Just imagine if they lost it.............what a scary thought.
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