What Effect Do Bad-Faith Insurance Laws Have On First-Party Insurance Claims?
Nevada law permits bad faith insurance claims between first-party claimants and insurance companies because the parties have a contractual relationship. If it is proven that the insurance company acted in bad faith, the claimant is entitled to damages. Bad Faith Insurance Claims In Nevada, the law states that every contract imposes the duty of good faith and fair dealing upon the contracting parties. A breach of contract or failure to perform duties in good faith constitutes “bad faith” between the parties in the contract. Bad faith insurance claims [...]
A Roundup of Significant Bad Faith Insurance Verdicts
It is a simple fact that many insurance companies have a financial incentive to slow-pay claims or deny them. When an insurer employs this or related tactics to keep from justly paying claims, it is called a bad-faith action. Holding such firms accountable is the work of attorneys. Unfortunately, such situations are not rare.It is a simple financial calculation for many bad faith insurers to determine the net return gained by delaying, contesting, or simply not paying a valid claim. As just one example, the Reno – Everest [...]
Common Reasons Claims are Denied
Unscrupulous insurance companies often attempt to deny health insurance claims by either delaying payment or making the process so onerous that the claimant simply gives up and drops the claim. This type of bad faith insurance behavior is more common than people want to think, and the following are some of the most common ways it manifests. Patient Went “Out of Network” Some insurance companies will act in bad faith by creating very limited networks of physicians for patients to see. When a patient seeks care from a [...]
Five Things You Should Know About Initial Settlement Offers From Insurance Companies
Insurance companies are profit-driven businesses that want to settle injury claims for the lowest amount possible. Each injury claim is unique and there is no one formula that can accurately determine what is a reasonable compensation amount. When insurance companies make an initial settlement offer,attorneys for insurance claims can analyze the case and help injured parties determine the amount of money that will fairly compensate them for medical expenses, lost wages, and possible emotional distress or degradation of their quality of life. Reaching an appropriate settlement amount with [...]
Do Insurance Companies Rely on Biased Doctors for Claims Denials?
Recent studies reveal that insurance companies commonly use reports generated by biased physicians to determine the result of injury claims – a bad faith insurance tactic that can result in a case being minimized or denied altogether. It is common practice for insurance companies to use Independent Medical Examinations (IME) to help them determine whether they will pay an injury claim to victims who are injured in motor vehicle crashes, workers compensation cases, and other accidents. While this technique may seem like a good idea on the surface, [...]
Requirements Insurance Companies Must Adhere to [infographic]
Nevada law prohibits insurance companies from engaging in unfair practices that are designed to deny coverage for legitimate claims. Companies that violate Nevada law in this regard may be held liable for damages including interest, the cost of the claim, attorney’s fees, and other expenses stemming from the denial of coverage. (Article continues below Infographic) Unfair Claims Settlement Practices Act The Unfair Claims Settlement Practices Act prohibits insurance companies from taking actions to unduly deny coverage to an insured party. These include: Misrepresenting Pertinent Policy Facts or Provisions [...]
How to Know When an Insurer Acts in Bad Faith
One of the first steps in protecting an individual’s rights as an insured consumer is to recognize the signs of an insurance company’s bad faith acts. Nobody deserves to be left without the support of their insurance company when tragedy strikes, but it is all too common for victims to get the run around as insurance companies act in bad faith. Fortunately, consumers can avoid becoming victims of bad faith practices by familiarizing themselves with unscrupulous acts and the tactics commonly used to achieve them. What is Insurance [...]
The Duty to Defend in Nevada [infographic]
Insurer’s Duty to Defend In Nevada, an insurer’s duty to defend begins upon receiving notice of a claim and continues until the claim is resolved. This duty is broad and is intended to protect insured parties not only for the claims which they are liable but also for the claims which they may be found liable. (Article continues below Infographic) ______ However, this duty is not unlimited. It depends on the types of risks that are covered and identified within the policy. Insured parties need only show that [...]
Overview of Auto Insurance Laws in Nevada [infographic]
Nevada requires that all motor vehicle owner maintain an auto insurance policy that carries minimum coverage. Failure to maintain such a policy could result in a misdemeanor conviction. (Article continues below Infographic) What Are the Insurance Requirements? Nevada requires all Nevada-registered vehicles to maintain an automobile insurance policy from a duly authorized seller. The policy is necessary to maintain the following minimum coverage levels: $15,000 of liability coverage for bodily injury or death of one person in any one crash; $30,000 of liability coverage for bodily injury or [...]
What Is Bad Faith in Insurance? [infographic]
Under Nevada law, insurance companies have a duty to act in good faith and deal fairly with the entities and individuals they insure. Failure to do so is considered bad faith and may leave the insurer open to legal action. So what is bad faith in insurance? (Article continues below Infographic) Insurance Bad Faith Appealing a bad-faith Insurance decision is a state claim based on Nevada law. When a person is injured or property is damaged, individuals rely on insurance companies to pay benefits according to the terms [...]
