How Do You Use Insurance Company Ratings?
Insurance is a contract between you the insured and a carrier willing to cover your risk. The company will take on your risk, and gives you a promise to pay your potential financial loss connected with that risk. However, you must have complete confidence in your insurance company, and their willingness to honor the contract. The last thing you want is to pay years of premiums to an insurance company, and then have the company refuse to pay your claims or go out of business. You can use one or more financial ratings, and your state insurance commission to get a report card on your insurance company. The first thing you need to do is visit the website of your state insurance commissioner. If you can’t find the website to your state commissioner, go to the National Association of Insurance Commissioners website: NAIC.Org, and visit their consumer resource page for a map linking to each state commissioner. Check with your state commissioner to see that your insurance company is licensed i
