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The Chubb Corporation Message Board

  • youngeragent youngeragent Jul 13, 2011 4:52 PM Flag

    Collect the premium...pay the claims. That's the business.

    Obviously you don't know how they do things in Atlanta do you? First when the claim is filed by a non-policy holder you try to put words in the mouth of the reporting auto accident victim---Example if the wreck was a sideswipe caused by the policy holder say something like this---Let me see if I understand what you are saying-"So our policy holder pulled out in front of you and you rear ended him..."
    This shifts the fault from the policy holder and onto the accident victim who was injured by a Chubb policy holder.
    If the person objects to this fraud then pay the claim until....

    Until you discover the person hit has MAJOR injuries, then stop payment on items you previously agreed to pay...

    Then see if you can find dirt on the accident victim from any source available---Lets say prior private psychiatric evaluations or treatment which are not accident related but can be used to smear the other side in Court.

    Then maybe you can find a person who a black mail artist to testify in court against the person and will smear the injured party even more....

    Don't tell me it is not the way it is done. More on this later. Blackmail/extortion by lawyers, lies by claims handlers, stopping the payment of valid claims AFTER the aduster sends letters saying they will pay for the item.

    Sounds like Allstate to me? Yes this is a simple business where you pay valid claims, invest reserves prudently and have a good distribution model. But that is not what I see happening here at Chubb. Again more on this later.

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    • This new message board format sucks.

    • but the U.K., have long been arguing for a reversion of headline 3% CPI numbers to the 2% or lower “core” standard expectation. “Patience,” they argue, but “prudence” might be the better watchword. If so, then the expected “unexpected” inflation would mimic the old Roman custom of coin shaving or its substitution with base metals instead of silver or gold. Inflation is the result no matter how you coin it, which puts more money in government coffers to pay their bills and less money in your pocket to pay yours.


      3.Currency depreciation – High deficits, both fiscal and trade, combined with low interest rates for extended periods of time produce declining currency valuations against more prosperous, and more policy conservative competitor nations. Few Americans are aware that the dollar’s recent 12-month depreciation of over 15% is an explicit tax on their standard of living. Uncle Sam, the government overseer, benefits enormously: one rather clever way for the U.S. to pay its bills to foreign creditors is to pay them in depreciated dollars. The Chinese and other offshore holders wind up getting not only .05% interest on their Treasury Bills, but 12 months later – voila! – their Bills are worth only 85 cents on the dollar in global purchasing power. The Chinese should be reading Shakespeare, not Confucius – especially the second half of “neither a borrower nor a lender be,” when it comes to U.S. dollars.


      4.Financial Repression via low/negative real interest rates – I have commented on this Carmen Reinhart, commonsensical technique in prior Outlooks. If the Treasury is borrowing money from you or PIMCO at .05% for the next six months and CPI inflation is averaging 3%, then lenders/savers are being shortchanged beyond even rather egregious historical examples. The burden of “sixteen tons” of debt á la Tennessee Ernie Ford is considerably reduced at 5 basis points of annual interest. “Loading” coal or debt in this case at near 0% yields doesn’t make the borrower another day older, nor deeper in debt. Actually it’s a shot of Botox for the borrower, but a shot of lead for the lender. Duck!
      By using these four life rafts available to U.S. and other AAA sovereign borrowers, one can almost imagine a half century from now, that they remain solvent – although chastened perhaps with a lower credit rating. Based on historical example at Moody’s and Standard & Poors, it just might take 50 years for them to downgrade U.S. credit, but be that as it may, you and PIMCO as savers and savings intermediaries can take precautionary or even retaliatory measures to preserve purchasing power. Favor countries with cleaner “dirty shirts” and higher real interest rates: Canada, Mexico, Brazil and Germany come to mind. Shade equity and fixed income investments away from dollar based indexes towards those of developing nations with stronger growth prospects. Purchase commodity based real assets before reserve surplus nations do.

    • Thanks for your comment. I think before I would take a long term hold position here I might consider the long term impact the internet could have upon this company. You are taking on a position of a bond holder here so I'd also closely watch the work of these guys as it relates to debt holders*excuse the bad habit I have of cut-n-paste*-

      Aside from the unthinkable outright default, there are numerous ways that a government – especially a AAA rated one – can employ to reduce its future liabilities. Highlighted below are the prominent tools that can significantly affect investor pocketbooks:

      1.Balance the budget and/or grow out of it
      2.Unexpected inflation
      3.Currency depreciation
      4.Financial repression via low/negative real interest rates
      Let me address each of them in brief:

      1.Balance the budget/growth – The current Congressional compromise is but one small step for fiscal solvency. There is no giant leap for mankind anywhere on the horizon. Trillions of further spending cuts, and yes trillions of tax hikes, are necessary to stabilize our “official” debt/GDP ratio of 90% or so. One important detail to keep in mind: projected deficits in 2012 and 2013 of 7-8% of GDP rely on OMB growth estimates of 3%+ in the next few years. Recent trends give pause to these estimates as does PIMCO’s New Normal, which believes 2% not 3% is closer to reality. If so, deficits move right back up to near-double-digit percentages of GDP. Likewise, should interest rates ever rise from current 2% average levels, a 100 basis point increase raises the deficit by 1% and erases any hoped for gains. Sisyphus would be familiar with this seemingly unsolvable dilemma.


      2.Unexpected inflation – While markets are global these days, figures sometimes lie and policymakers often figure. Focusing investors’ attention on statistics emphasizing “core” or “chain-linked” methodologies can entice investors to stay home, or in the case of foreign nations, to “invest American.” Central bankers, not just in the U.S.,
      http://www.pimco.com/EN/insights/pages/kings-of-the-wild-frontier.aspx

    • Thanks.

      • 2 Replies to youngeragent
      • Wow. I didn't expect this type of reception. I merely am telling you how your company processed my claim. I will have to think about how to express this so you guys understand that what I am telling is based on your claims processing and not my fault. I would suggest you look into the matter yourselves if you want to know the truth about how your claims are being handled in the field. My tale will be told. It involves your company so I feel this is the proper place to discuss it. Please let me know where I err.

    • Yes, but there are "good faith" statutes designed to protect 1st party claimants. Also no company would survive if it continually alienated their customers.
      If you are a third party claimant you should call the adjustor to find out why the claim is being denied. They may see damage, but no liability. Insurance companies pay third party claimants if there is liability...and sometimes to hold down legal costs even if liability is questionable. Just because something bad happened does not mean it was the other guy's fault.

    • One more point. My own google search of Chubb in regards to claims processing was very favorable to Chubb. By and large Chubb is viewed as having a very detailed screening process for assuming risk and a fair payment policy for paying valid claims.

    • Of course a sample of one cannot be used as a valid methoid of determining the behavior of the entire population being studied. So it may be the case policy handling at Chubb is as most believe. IE valid claims are paid fairly and in a timely manner. If others have examples of poor claims handling we'd love to hear about it and posting it on this thread would be the thing to do. This is an open invitation to claims handlers, lawyers, customers and others to share their experiences *good and bad* in a public format where they can be examined by anyone interested in the subject matter. Hope this helps management provide and customers receive what they are paying for when they purchase chubb products. Maybe it will help? Let me know.

      • 5 Replies to youngeragent
      • Indeed Chubb does have a stellar reputation for paying VALID claims. It is just my opinion that the status of a claimant should not impact how a claim is processed. It seems claims should be paid regardless of the status of the claimant IE you follow the policy language and apply it to the facts of the case. Should be across the board an equal process. Here is why Honesty is not a good policy it is the only poilicy.

        THE INTERNET People search for insurance via the net. One poor company who adopted the boxing gloves claims processing methoid also has the poorest reputation in the industry on the internet. This despite their claims that they only used the boxing cloves on non-customers. Treat everyone fair regardless of customer status is more in line with what I would expect Chubb to live upto. Not we treat some people fair and others not fair. Most people assume if you would screw one group of people over in public, you might screw them over as well. Just my opinion. Any other opinions are certainly welcomed.

        One more point, it really matters not to me if Chubb believes what I posted or not. It is something someone relayed to me. It is impactfull to that person and Chubb. Not me. I'm just pointing out that Chubb needs to be carefull about how they handle claims. Pay valid claims fairly regardless of customer status is what I expect as a consumer advocate. Which is what I am by the way if you don't know. Been doing this for 6 years now so please don't take this personally.

      • As a Chubb agent, we have not had any experiences where clients have not been paid on a timely and fair basis. Customer satisfaction with claims handling has always been extremely high and one of the best of all the carriers that we represent.

        I can't speak to the satisfaction of third-party claimants.

      • Face facts. CB isn't buying your story.

 
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