0
What happens if an insurance company goes out of business without settling your claim?
Wiki User
∙ 11y ago
You may find yourself SOL. Insurance is only as good as the company backing it. If they go out of business, they are probably out of money/resources. So are you. You can try to litigate, but it is going to cost you, and to what end. If the insurance company is part of a larger business conglomerate, there will be more than just you who have suffered and a class action suit might be the way to go. Talk to an attorney about it. You should be able to have a first meeting with him with no charge.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
If a Life Insurance company goes out of business what happens to the loan you have with them?
Life insurance companies never go out of business. They are merged, purchased, or absorbed by another insurance company who then owned their assets and liaiblities. Any loan you have on a life insurance policy is going to be less than the cash value of the insurance policy so the value is going to exceed the amount you owe. You will want to find the new insurance company who now is responsible for your policy.
What happens if an accident is your fault and you have have insurance?
When this happens, your Insurance company pays for damages. If the accident is your fault, your insurance rates can go up.
What happens with the insurance if you get in a wreck and its your fault?
We typically contact our insurance company and report the accident and the circumstances. That way the insurance company can pay the bills for you.Answerthe insurance company raises your rates and pay a deductable
What happens when your car insurance is cancelled by the insurance company?
What happens is that you get a new insurance policy, possibly with another insurer. Any unearned premium will be returned to you by your insurer.
What happens if you do not have business insurance and police take you to court while you were using it ofr business purpose?
it is for not ofr
If a car on finance is stolen and insurance pays out but then the car is recoverd what happens to the car?
It belongs to the insurance company
What happens if you tell your insurance company that you do not have a trampoline but you do?
Don't expect insurance to cover you if something does go wrong on the trampoline...
What If marginal cost becomes higher than price what happens to a company?
The company will go out of business
What happens to a company if marginal cost becomes higher than price?
The company will go out of business
What happens in MI when a person doesn't have insurance?
Keep the person there and call the police or the insurance company so they can walk you through it.
What happens if you are named a benificiary in an insurance policy but the will says different?
The will has no relationship to the insurance policy. The Policy is a contract between the insurance company and the insured and does not become a part of the estate.
What happens when a business is owed money by a company that files for bankruptcy?
Need the right answer
