[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.rizklaw.com\/blog\/the-good-the-bad-and-the-ugly\/#BlogPosting","mainEntityOfPage":"https:\/\/www.rizklaw.com\/blog\/the-good-the-bad-and-the-ugly\/","headline":"The Good, the Bad & the Ugly","name":"The Good, the Bad & the Ugly","description":"The Good Little Johnny held a dime in his small hand hard earned from his lemonade stand.\u00a0\u201cDaddy, daddy I want to spend my dime on candy.\u201d,\u00a0pleaded Johnny.\u00a0\u201cNo, Johnny, let me teach you a lesson handed down to me by my own Pa when I was a little youngster like you. Take that dime\u00a0to the First...","datePublished":"2010-09-15","dateModified":"2024-05-23","author":{"@type":"Person","@id":"https:\/\/www.rizklaw.com\/blog\/author\/rizklaw\/#Person","name":"Rizk Law","url":"https:\/\/www.rizklaw.com\/blog\/author\/rizklaw\/","identifier":9,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/10e23ce5e6c4dadb4589cd8edf2c3f59ac356a6e876c3656917777913d9c3bc1?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/10e23ce5e6c4dadb4589cd8edf2c3f59ac356a6e876c3656917777913d9c3bc1?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Rizk Law","logo":{"@type":"ImageObject","@id":"https:\/\/www.rizklaw.com\/wp-content\/uploads\/2024\/03\/rizk-law-logo-footer.jpg","url":"https:\/\/www.rizklaw.com\/wp-content\/uploads\/2024\/03\/rizk-law-logo-footer.jpg","width":278,"height":65}},"image":{"@type":"ImageObject","@id":"https:\/\/www.rizklaw.com\/wp-content\/uploads\/2024\/03\/Richard-Rizk-headshot.jpg","url":"https:\/\/www.rizklaw.com\/wp-content\/uploads\/2024\/03\/Richard-Rizk-headshot.jpg","width":383,"height":427},"url":"https:\/\/www.rizklaw.com\/blog\/the-good-the-bad-and-the-ugly\/","about":["Consumer Alerts"],"wordCount":835,"articleBody":"The GoodLittle Johnny held a dime in his small hand hard earned from his lemonade stand.\u00a0\u201cDaddy, daddy I want to spend my dime on candy.\u201d,\u00a0pleaded Johnny.\u00a0\u201cNo, Johnny, let me teach you a lesson handed down to me by my own Pa when I was a little youngster like you. Take that dime\u00a0to the First Bank of Trust, place it in a savings account and when you are older\u2026 your dime will be a dollar.\u201dTaking dad\u2019s advice, Johnny rode his shiny red scooter, as fast as he could, to the First Bank of Trust. Johnny gleefully handed the pretty friendly teller his dime. The teller smiled\u2026\u201dwhat a cute little boy\u201d,\u00a0she thought. Then Johnny waited and waited and waited in hopes that one day the dime would become a crisp new dollar bill.Little Johnny trusted the First Bank of Trust. He believed that the First Bank of Trust would not co-mingle his dime with other accounts, steal or lose or his dime. The First Bank of Trust owed little Johnny\u00a0a fiduciary duty. Plus, the First Bank of Trust was highly regulated by federal law.Years later, Big Johnny waddled into the First Bank of Trust, receipt in hand. The pretty teller would retire the next day, she smiled and handed Big Johnny his dime plus interest. \u201cI\u2019m not rich, but Pa was right\u2026rest his soul.\u2026\u201d\u00a0Johnny thought.The BadSeeking to protect yourself against the possibility of a potential\u00a0tragic event\u00a0(disability fire, theft, water loss, death \u2026who knows what could happen??) you become insured. An insurer produces a booklet of papers in legal ease you don\u2019t understand (this is your policy) but the agent, gecko or caveman assures you\u2026. \u201cYou are in good hands\u201d. You believe, and trust that if a triggering tragic event occurs, the insurer will do the right thing\u2026 pay claim, promptly and without hassle. Like the First Bank of Trust owed Johnny, the insurer owes\u00a0you,\u00a0a fiduciary duty.Then one dark and stormy day it happens:\u00a0The tragic event.\u00a0\u201cAt least I am insured!\u201d\u00a0you think. But rather than claim payment, you get red tape, excuses and delays from your insurer.Your claim is transferred from examiner to examiner. Faxes and letters you send are mysteriously not received. You are placed on\u00a0\u201cblack hold\u201d.\u00a0You lose money, time and patience\u2026perhaps much more.While banks are regulated and insured federally, insurance companies are not. Instead, insurance companies are governed by a mish mash of inconsistent state laws. Some states, like California and Washington recognize punitive damages when an insurer places\u00a0its interests\u00a0ahead of the interests of its insured (you). Other states, like Oregon, award contract damages (those damages foreseeable at the time of the breach of contract \/ policy) to its insured when the insurer wrongfully defends a suit and in other circumstances. All states have insurance agencies which set out insurance regulations for insurers to follow. Some states vigorously enforce insurer violations of state insurance regulations, others such as Oregon\u2026not so much.The UglyGood insurers see\u00a0the tragic event\u00a0as an opportunity to develop a good reputation. But perhaps you discover, that in spite of all the advertising, your insurer does not have honorable motives. You may realize your insurer is quite ugly.\u00a0(An insurer who advertises 5 times an hour on prime time TV is not spending its money on paying claims!)Ugly insurers know that folks suffering from the consequence of a\u00a0tragic event\u00a0don\u2019t have energy, expertise or patience to fight low ball offers or claim denials. These ugly insurers see a perfect opportunity to kick its\u2019 insured (you)\u2026 while already down.Sadly, the days of trusting corporate institutions based on a slogan or catchy commercials are long gone. Before choosing an insurer, go to your state insurance commissioners\u2019 web site and check out the complaints against that insurer as well as its financial strength. Request a certified copy of your policy. Then,\u00a0read your policy. Compare your policy to the risks you wish to insure. Document your assets.And, when and if a loss occurs\u00a0don\u2019t wait, and wait like little Johnny. Document any loss immediately. Your insurance policy may require you to take certain prompt action in order to preserve you rights. You may need to promptly notify your insurance company of the loss, provide your insurer with a\u00a0\u201cproof of loss\u201d,\u00a0cooperate with your insurer\u2019s investigation, attend an\u00a0examination under oath\u00a0and sue your insurer within a certain amount of time if your claim is denied or not paid in full. (Look for a\u00a0\u201csuit limitation\u201d\u00a0clause in your policy; a suit limitation is not the same as a statue of limitation).If you need help or legal advice, contact a personal injury attorney in Portland from Rizk Law. We charge no upfront fees if we take on your case and we only get paid when we obtain a recovery on your behalf.Free Consultation. Ph: 503.245.5677."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.rizklaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"The Good, the Bad & the Ugly","item":"https:\/\/www.rizklaw.com\/blog\/the-good-the-bad-and-the-ugly\/#breadcrumbitem"}]}]