As of 2015, insurance companies with poor ratings are Allstate, Unum, American International Group, State Farm and Conseco, according to Free Advice. Some of the companies that make this list consistently deny or delay policyholders' claims. They also made it to the list for putting their profits ahead of the policyholder.Continue Reading
The American Association for Justice investigated and rated these companies, states Bachus & Schanker. According to its report, these companies cut corners and refuse to pay claims to policyholders. The American Association for Justice bases its investigations and ratings on records from the Federal Bureau of Investigations, state insurance agencies, Securities & Exchange Commission and court records.
According to the report, Allstate goes to great lengths to deny policyholders' claims, states Bachus & Schanker. Unum deals with disability insurance and makes the list for denying patients claims in spite of doctor evaluations that prove disability. The American International Group was in the spotlight for conspiring with insurance brokers to create fake bids and make it appear as if the insurance market is competitive.
State Farm makes it to the list for denying claims and going to the extent of forging signatures on waivers, reports Bachus & Schanker. Conseco, which mainly deals with elderly clients, delays claims to policyholders until they either give up or die.Learn more about Insurance