What is Insurance?
Insurance is the transfer of risk in exchange for money. The money paid to an insurance company to accept a certain risk is called a premium.
What types of insurance claims does Richard Rizk handle?
Richard Rizk handles claims against ones own insurance company (1st party claims) as well as claims against another person's insurance company (third party claims). First party claims are claims where the insured is the person who would get benefits. Disability policies, Homeowner policies, No-Fault Auto Insurance and Health insurance are examples of insurance policies containing first party insurance coverage. Liability Auto insurance and Liability Homeowners insurance are examples of insurance containing third party insurance coverage. These are called "third party" policies because a third party would be making a claim.
Does it matter if a third party (rather than the policyholder) makes a claim?
Yes. An insurance policy is a contract. And, a policyholder is a party to the contract who has certain rights and obligation under the contract. A third party does not have direct rights under the insurance policy. In general, a policyholder can enforce an insurance contract while a third party cannot. On the other hand, a policyholder must comply with the policy's terms and conditions in order to get benefits. Richard Rizk knows what you need to do to comply with your policy and what the insurance company must do to keep its end of the deal.
How do insurance companies make money?
Insurance is not a high profit business. Rather than make money directly from profit, insurance companies make money by holding on to money (your premiums!): that's why insurance profits generally rise when insurance investments such as the stock market increase.
This may also explain why insurance companies sometimes unreasonably delay and deny claim payment. Although Oregon insurance companies are regulated by the Oregon Insurance Division, Oregon does not have the resources to adequately investigate and resolve the thousands of consumers and small business insurance complaints. Most Oregonians quickly discover that an experienced insurance attorney, such as Richard Rizk, is needed to effectively resolve their claim.
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Is auto insurance required in Oregon?
Yes. Oregon requires a minimum of $25,000 per person and $50, 000 per incident for automobile liability bodily injury. This includes uninsured motorist coverage should you be injured by an uninsured driver. However, Oregon's minimum coverage is often not enough. Sometimes medical expenses alone exceed $25,000. Recent efforts to raise the minimum required auto liability insurance have been defeated by Oregon's insurance lobby.
What is the difference between Uninsured and
Under-insured Motorist Coverage?
Uninsured motorist coverage pays compensation for bodily injury from an accident with a driver who is legally responsible for the injuries, but has no liability coverage. Underinsured motorist coverage pays compensation for bodily injury from an accident with a driver whose liability limits are less than the injured party's underinsured motorist coverage limits. If you have been involved in an accident with an uninsured or underinsured driver, immediately contact an experienced personal injury attorney so you do not waive valuable legal rights.
"PIP" Insurance is also required: What is it?
"PIP" stands for Personal Injury Protection. It is the required no fault medical and wage loss coverage under your own auto policy. Currently, Oregon requires that each Oregon driver have at least $15,000 of no-fault medical coverage. So, when you get treatment after a car accident, bring your PIP claim number to the doctor so he or she can bill your insurance company directly. Be sure you always keep track of your remaining PIP medical benefit balance. PIP also provides some coverage for your wage loss due to an accident. PIP benefits generally expire one year after the accident.
Then, how much auto liability insurance do I need?
It is impossible to know how badly you might be injured in a car accident. One thing for sure: You should not rely on the other driver to have adequate insurance! To protect yourself and your family, buy as much uninsured motorist coverage as can reasonably afford. While the premiums from a $50,000 policy and a $300,000 policy may be slight, payoff can make all the difference in the event of a serious injury.
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How much time do I have?
It depends. Many consumers know of Oregon's 2 year statute of limitation for most civil suits known as torts. However, exceptions exist! For example, your insurance policy may contain a provision known as a "suit limitation". Such a clause could bar your claim after just one year! So, contact an Oregon attorney right away if you think you have a claim. Richard Rizk provides free consultations.
Why is submitting a "proof of loss" as soon as possible very important?
A proof of loss provides your own insurance company with enough information to investigate a loss. Usually, a proof of loss blank form provided by your insurer with space for you to describe each item lost from accident, theft, fire, etc... It is crucial to be as complete as possible when preparing a proof of loss form. On the other hand, be careful not to overstate or claim. Listing an item not lost may justify a denial. Under an Oregon case known as "Dockins", after a signed and notarized proof of loss is submitted, your insurer has 6 months to pay the claim. Should you later be required to file suit and are eventually awarded more than what was offered, the insurer may be ordered to pay your attorney fees and costs. Thus, the sooner a proof of loss is filed, the sooner the insurer will feel the pressure of a possible attorney fee claim. Often, this risk helps lead to settlement or a larger verdict.
My insurance company wants to take my EUO. What is it and do I need an attorney?
An EUO is short for "Examination Under Oath". It is essentially a deposition ---your deposition-- taken by insurance company attorneys while you are under oath. This deposition is required by most homeowners and fire insurance policies. Because you would be under oath, any misstatement of a material fact may be cited as a basis to deny your claim. Usually, prior to the EUO, an insured is asked to bring with him/ her many documents such as tax returns and phone records. The insurance company seeks such materials to investigate claimants with financial challenges and claimants who have been in contact with suspected criminals. Never, never attend an EUO without a qualified attorney such as Richard Rizk in attendance.
Do you help resolve Disability insurance claims?
Yes. Contact Richard Rizk to see if he can help with your disability claim.
What is ERISA and how does it affect my disability claim?
ERISA is the EMPLOYEE RETIREMENT AND INCOME SECURITY ACT OF 1974, a Federal Law. If your claim is governed by ERISA it will be decided in Federal Court by a Federal Judge or Magistrate. Most employer provided disability plans are subject to Federal Court Jurisdiction.
Why do I care whether my disability claim is resolved in a Federal or State Court?
Generally speaking, Oregon State Court is a preferable venue for those contesting a disability insurer's denial. This is because better and more proof is generally needed in Federal Court to overturn an insurer's denial. Still, Richard has successfully resolved many challenging disability claims to client satisfaction. You have a limited time to contest a disability denial. Call Richard Rizk today if you have been denied or expect to be denied disability benefits.
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