Comment.Fair payments, not overpayments In your January 2003 edition, there is an article about the retirement of our former chairman, Dean R. O'Hare. I want to clarify a statement attributed to Mr. O'Hare in that article which suggests that Chubb "consciously overpays its claims." Chubb's Masterpiece Policy provides arguably the broadest terms and conditions in the industry for homeowners coverage. The practice of our claim department, in first-party property claims, is to resolve and pay claims consistent with the broad terms and conditions afforded by our policy. Homeowners claims should be settled in a timely manner and on a basis which is fair and reasonable. It would be inaccurate to say that that represents "overpayment o·ver·pay v. o·ver·paid , o·ver·pay·ing, o·ver·pays v.tr. 1. To pay (a party) too much. 2. To pay an amount in excess of (a sum due). v.intr. To pay too much. " of claims. To the contrary, while it does honor the promise and commitment of the insurance contract, it satisfies the expectations of our customers precisely because the contract itself is designed to provide such coverage. We are proud of our claims paying reputation, particularly in first-party property coverages. However, we are just as proud of our obligation to our shareholders and employees. We do not pay more than that which is due, and we have a very firm policy of not paying any claim in which fraud is involved. I hope that the above has presented a clearer picture of Chubb's claims paying process. John J. Degnan Vice Chairman The Chubb Corp. In the Spotlight * "People don't fear "Don't Fear" is the third single (in a series of four) by the English band Maps. Released on James Chapman's own label Last Space Recordings (on October 30 2006) prior to the release of their first major release We Can Create. Track listing 10" single A Side. bringing bad news upstairs to their immediate superiors. It's an open-door policy Noun 1. open-door policy - the policy of granting equal trade opportunities to all countries open door national trading policy, trade policy - a government's policy controlling foreign trade that works very well at AIG AIG addressee indicator group (US DoD) AIG American International Group, Inc AiG Answers in Genesis (religious group in defense of Scripture) AIG Artificial Intelligence Group AIG Australian Industry Group . I can tell you at the end of any month almost on a real-time basis how we're doing worldwide, and so can all of the senior executives." Maurice R. "Hank" Greenberg Chairman and Chief Executive Officer American International Group
American International Group, Inc. (AIG) (NYSE: AIG; TYO: 8685 ) is a major American insurance corporation based in New York City. Inc. "The issues that were mentioned that sang to our ears were the challenge to open the debate on senior citizen security. Economic growth should be generational. The success of the economy means all ends are successfull--the very old and the very young." Frank Keating Francis Anthony "Frank" Keating (February 10, 1944) is an American politician from Oklahoma. Keating served as the 25th Governor of Oklahoma. His first term began in 1995 and ended in 1999. Keating won reelection to a second term, which ended in 2003. President and Chief Executive Officer American Council of Life Insurers The American Council of Life Insurers (ACLI) is a Washington-based lobbying and trade group for the life insurance industry. ACLI represents 373 insurance companies that account for 93 percent of the U.S. life insurance industry's total assets. "In 2002, we expect a rate of return somewhere between 3% and 4%, despite those 'gigantic' price increases of 13%. Obviously, top-line growth doesn't guarantee bottom-line growth." Rodger Lawson President Alliance of American Insurers "We aim for a modem corporate-governance structure, a sophisticated management system that enhances transparency, does justice to the interests of all shareholders and at the same time guards the long-term interests of the group. With the new measures we respond to shareholder demands to have greater say." Ewald Kist kist n. Variant of cist2. kist Noun Scot & S African a large wooden chest Kist a chest of money, hence, a store or cache of money, 1619. Chairman, Executive Board ING Group ING Groep N.V. (NYSE: ING, Euronext: INGA) (known as ING Group) is a financial institution of Dutch origin offering banking, insurance and asset management services. ING once stood for Internationale Nederlanden Groep. * Excerpted from Best Week |
|
|||||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion