General insurance How will you feel seeing your preferred insurance company terminating operation?

[sincerem]

We understand nothing last forever, at times too we know some companies can be surprising. They can just announce closure without informing their customers that they won't be in operation again.

Any Insurance company can do just that, closing without informing it's esteem customers prior to closure of business. To me, that will be devastating enough for any customer to witness, even me will feel too infuriated to see such happen.

It will go down as one of those old days of scam, cos when a company close down without formal notice to it's customers, it's an act of being fraudulent. It means they want to take away customers funds without issuing it back to them. If any insurance company is found doing such, those who insured with them looses their funds, and it's fraudulent act by the insurance company.


If you ever witness an insurance company you are contracted with, going off in the frame of operation, how will you feel?

 

[btaliat]

It is painful having one preferred company terminating their operation. But life moves on. There will not be anything else to do than to just go ahead and look for the alternative. But it will be shameful if the so loved insurance company doesn't inform customers before its decision to close.

 

[sincerem]

It is painful having one preferred company terminating their operation. But life moves on. There will not be anything else to do than to just go ahead and look for the alternative. But it will be shameful if the so loved insurance company doesn't inform customers before its decision to close.

Yes, if I witness that I won't kill myself over it I'll move on knowing too well that it's one of those old days of being a risk taker in business. But it's a shame thou to see a reputable insurance company evacuating or relieving off their operation unnoticed or uniformed. That will tag them fraudulent cos it will bring sour feelings to it's customers.

 

[Jamoflondon]

That is definitely going to be heartbreaking, most especially when one has an insurance deal with this particular company, to me, I will feel like I have just been betrayed because for me to had a contract with them, it means i trusted them and they broke the trust so that’s called betrayal

 

[sincerem]

That is definitely going to be heartbreaking, most especially when one has an insurance deal with this particular company, to me, I will feel like I have just been betrayed because for me to had a contract with them, it means i trusted them and they broke the trust so that’s called betrayal

That's a betrayal I agree with your thoughts dear. When you trusted a given firm and invest your hard earned money you expect returns just as you agreed with the firm. And when the business firm closes unexpectedly without informing you and other customers, it's simply act of betrayal and scam also.

 

[Wisdom01]

I will not feel happy , but they should be ready to make compensation to the people who have insured their property and others , because they are a legal entity and it would be better they actually do such thing , and most insurance companies have seen don't fold up like that they go through many process

 

[Mandy96]

I don’t think this can really happen in real sense. Although I understand the fact that nothing is impossible. But for something like this to happen, there must have been some kind of financial issues the company is struggling with. And if it resorts to this then there will surely be a early notice for the clients

 

[sincerem]

I will not feel happy , but they should be ready to make compensation to the people who have insured their property and others , because they are a legal entity and it would be better they actually do such thing , and most insurance companies have seen don't fold up like that they go through many process

Yeah, they are legal entity operating with license from the country's government. Closing without informing it's customers won't be unnoticed like that, even if they do, the government won't allow such to happen they'll surely come to the rescue of the customers, in order to get their funds returned to them by the insurance company that tried to run away with it.

 

[Alexandoy]

There was an insurance company named Legacy that is owned by an acquaintance. We were shocked to learn that the insurance company was cordoned off due to bankruptcy. The owner was in hiding to escape the pending claims. Most of the claims are the educational plan that parents would be using for the college education of their child. It was very unfortunate to see the company closed.

 

[sincerem]

There was an insurance company named Legacy that is owned by an acquaintance. We were shocked to learn that the insurance company was cordoned off due to bankruptcy. The owner was in hiding to escape the pending claims. Most of the claims are the educational plan that parents would be using for the college education of their child. It was very unfortunate to see the company closed.

That's very bad to see the company losing out due to bankruptcy. They didn't manage their insurance company well to avoid bankruptcy. That's why it is stated to go for the suitable plan listings with favourable premium payment for each of the policies in order not to run at loss as an owner of an insurance company

 

[Augusta]

I dint think it will look right if an insurance company will go below the.radar without the users. It will look fraudulent in the first instance. So it will be better they tell all clients involved. But I will feel bad if an insurance company am working with stop operations.

 

[sincerem]

I dint think it will look right if an insurance company will go below the.radar without the users. It will look fraudulent in the first instance. So it will be better they tell all clients involved. But I will feel bad if an insurance company am working with stop operations.

If the stop operation unannounced it will surely hamper the investment of every insured. That's fraudulent indeed, and the insurance owner won't escape from it. Because he or she is under license, a wise govt that cares for her people will always defend her people when such kind of scenario emanates, which is ridiculous.b