Insurance/Bad Faith
Are You Being Cheated by your Insurance Company?
If you have been offered a settlement from an insurance company, it may be in your best interest to have a lawyer review the offer before accepting it. It is common for insurance companies to cut corners by offering inadequate settlements or trying to reduce the value of your claim. When a claimant accepts a settlement, he or she will no longer be able to pursue compensation for their loss. Therefore, insurance companies hope that injured victims of Oklahoma car accidents will accept a lower settlement and allow them to close the case without paying out a significant amount. The practice of denying justified claims or offering an unfair settlement is known as “insurance bad faith.”
If you worry that your insurance company is cheating you, there is a good chance that your suspicions are justified. Never assume that your insurance company is being fair and remember that you do not have to accept their first offer. Instead, ask yourself a number of important questions.
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Oklahoma Insurance Bad Faith Claims: What to Do if You’ve Got One
People purchase insurance coverage in order to protect themselves in the event of an accident or situation that could yield costly medical bills, property damage expenses and other unforeseen monetary losses. Consumers expect that their claims will be handled fairly and that the expenses they incur in these types of situations will be covered by their insurance. However, sadly, this is not always the case.
Insurance companies are in the business of making money and may try to settle claims for less than the amount that is actually owed or covered in the insurance policy. This occurs frequently is cases of Oklahoma auto and truck accidents. Insurance adjusters are paid and promoted based on how little payout the company has to make, therefore, the insurance companies may try to low ball or deny claims altogether, citing fraudulent or false reasons for their decisions. When a policy holder’s trust is violated and they are not treated fairly by the insurance company, this is called “bad faith”.
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Qui Tam and the Whistleblower
While many people often connotatively associate the term “whistleblower” with something negative, this is not the case. In fact, individuals who choose to reveal corporate impropriety are providing a valuable service that the United States government appreciates and awards. Qui Tam litigation refers to just that. Specifically, if one party discovers that another party is in some way defrauding the United States government, then the party who informs the government of said fraud is entitled to a certain percentage of the monetary amount that the government was defrauded.
Qui Tam litigation can center around a variety of fraudulent activities in Oklahoma and throughout the United States. According to the False Claims Act, lawsuits may be brought against corporations or other entities that defraud the United States government by:
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