Tennessee Department of Commerce and Insurance reports Over $31.4 Million Located, Returned To Tennessee Consumers in 2019

Nashville, TN – The Tennessee Department of Commerce and Insurance (TDCI) announces today that over $31.4 million was located and returned to Tennesseans in combined life insurance benefits/annuities and monies returned through the Department’s mediation efforts in 2019.

[Read more]

TDCI locates over $17.5M in Life Insurance Benefits for Tennesseans

Nashville, TN – The Tennessee Department of Commerce and Insurance (TDCI) announces that over $17.5 million in life insurance benefits have been located for Tennesseans since January 1st through the National Association of Insurance Commissioners’ (NAIC) Life Insurance Policy Locator Service.

[Read more]

Mediation Efforts by TDCI Repays $3.2M to Tennesseans in 2018

Tennessee Department of Commerce and Insurance’s (TDCI)

Nashville, TN – The Tennessee Department of Commerce and Insurance (TDCI) Consumer Insurance Services Section announces that $3.2 million has been returned so far to Tennesseans through the Department’s restitution efforts in 2018.

TDCI consumer insurance services investigators mediate complaints between policyholders and insurance companies.

These efforts may result in denied claims being overturned or additional benefits being identified and paid to consumers.

Through the first eight months of 2018, TDCI efforts have resulted in$3,206,507.73 being paid to consumers. By comparison, $6.5 million was returned to Tennesseans in all of 2017.

“Consumers can feel frustrated and overwhelmed when dealing with insurance claims issues,” said TDCI Commissioner Julie Mix McPeak. “Our team of experts will advocate on behalf of consumers when it comes to common problems like denied or delayed claims. We encourage Tennesseans to contact us when they have an issue, and we will do our best to address it on their behalf.”

So far the Department has received 2,041 complaints or inquiries in 2018. The top five reasons consumers have contacted the Department are claim denial, claim delays, adjuster handling, unsatisfactory settlement offer, and out-of-network benefits.

Tennessee Department of Commerce and Insurance reminds consumers that filing a complaint or contacting the Department is always an option if they feel a claim has been unjustly denied or if they have questions or concerns about their insurance policies.

Consumers are also encouraged to review these tips when working with their insurance company:

• Do your homework before purchasing any kind of insurance policy.
• Verify that the insurance company and agent are licensed in Tennessee before you buy. You can verify license status on our website.
• Read the policies so you know and understand the provisions before filing a claim.
• Research complaint data about a company.
• Homeowners should always keep pictures and/or receipts for all contents on your property. (Most fire losses leave nothing.) Digital tools such as the free MyHome Scr.APP.book lets you quickly capture images and descriptions of your belongings to help you determine how much insurance you need and for filing a claim.
• For auto policies, know your coverage limits and what is required by state law. The WreckCheck app is a free application that guides you through the steps to take following an auto accident.
• For health policies, make sure you are visiting a healthcare provider that is in-network with your insurance coverage. For scheduled procedures, try to confirm the network status of any specialist (anesthesiologist, radiologist, etc.) that may render services during the medical procedure.
• Life insurance policies often require underwriting which uses personal information like age and health status to determine your eligibility for coverage.  If you have never purchased a life insurance policy before, you may seek the assistance of a licensed agent to help you make the choice that is best suited for your personal needs.

 

[320center]

 

If you have questions about consumer insurance, visit the Tennessee Department of Commerce and Insurance website or contact us at 1.800.342.4029 or 615.741.2218.

Life Insurance Lost Policy Service Locates Over $6.8M for Tennesseans

Tennessee Department of Commerce and Insurance (TDCI)

Nashville, TN – The Tennessee Department of Commerce and Insurance (TDCI) reminds consumers of a life insurance claims return tool that has found $6,808,924 in life insurance benefits for Tennesseans since January.

The Life Insurance Policy Locator Service, which has been available since 2016, was developed by the National Association of Insurance Commissioners (NAIC).

[Read more]

Frazier Allen: Where Medicare Falls Short

Clarksville, TN – Medicare provides a lot of coverage, but it doesn’t cover everything.

It’s never too early to start thinking and planning for retirement, especially when it comes to the top three expenses: housing, transportation and healthcare.

Even with Medicare, quality healthcare can come with a hefty price tag with premiums, copayments, deductibles and other out-of-pocket expenses to account for.

[Read more]

Lost Policy Service Helps Tennesseans Recover $1.6M in Life Insurance Benefits

Nashville, TN – The Tennessee Department of Commerce and Insurance (TDCI) reminds Tennesseans of an online tool that has so far returned over $1,679,721 in life insurance benefits to Tennesseans since last year.

Available since 2016, the Life Insurance Policy Locator Service helps consumers locate benefits from life insurance policies and annuity contracts.

[Read more]

Frazier Allen: Risk Management Demystified

Clarksville, TN – Let’s face it: Life is a risk. That’s why risk management is a crucial part of a long-term financial plan. When it comes to investments, we’re talking diversification and asset allocation. When it comes to your family, health, property and income, we’re talking insurance.

But what kind of coverage do you really need? Take a deeper look at four useful types of policies.

[Read more]

Frazier Allen: 12 Resolutions for 2017

Start the new year right by reviewing and revamping your financial plan.

Clarksville, TN – Instead of hauling out those familiar New Year’s resolutions about eating less and exercising more, how about focusing on something that’s also very good for you in the long run – and even sooner?

We’re talking about your financial plan – your fiscal health, if you will. The approach of 2017 is a great time to review your plan and make any necessary revisions. With that in mind, here are 12 suggested resolutions that, if followed, can help ensure that your later years will be financially secure.

[Read more]

Frazier Allen: Beware of Costly Surprises in Retirement

Clarksville, TN – Achieving a successful retirement requires not only planning for what you want to go right, but also for what might go wrong.

Many investors have found that retirement can bring on unwelcome surprises, some of them significant enough to derail a retirement plan.

Healthcare Costs: Expert estimates of what a couple spends during retirement for healthcare range from $400,000 to well over $1 million.

[Read more]

Taxable or Not – IRS tells you what you need to know about Income

Washington, D.C. – All income is taxable unless the law excludes it.

Taxable income includes money you earn, like wages and tips. It also includes bartering, an exchange of property or services. The fair market value of property or services received is taxable.

The Internal Revenue Service gives you some basic rules you should know to help you file an accurate tax return.

[youtube]https://www.youtube.com/watch?v=P-9DV1IvVdM[/youtube]

[Read more]

Next Page »