Underwriters at New York Life Insurance Group
Insurance Attorneys Help Recover Income Benefits for Workers
One of the largest providers of disability insurance is New York Life Insurance Group. They offer both long-term and short-term disability insurance, with various terms available for each policy. Depending on your line of work, you may be able to partially predict how long an injury will keep you from earning, but this is obviously risky speculation. There are also other forms of disability insurance available, such as Accident-Only Disability, which does not pay out for illness or injuries due to negligence. This is also an obvious risk, as most injuries are due to negligence.
Disability insurance is crucial for workers in physical or dangerous occupations. This type of insurance provides supplemental income to injured employees to make up for lost pay. While other insurances protect your health, your car, or your property, disability insurance protects your income. It allows workers to continue providing for their family when they suffer debilitating injuries. Disability insurance is usually offered to groups or employers, but each individual will work out their policy with an underwriter. An underwriter manages risk for the company, so they will seek to minimize the amount potentially paid out to you, assuming they approve your application at all.
Underwriters manage risk in a variety of ways:
- Adding exclusionary conditions
- Shrinking the amount of benefits
- Decreasing the benefit time period
A Short History of New York Life Insurance
New York Life Insurance began as Nautilus Insurance Company in 1845, 170 years ago. Its first policy was sold to Lewis Benton for $5,000. At the time, life insurance was unusual, but the company soon abandoned commonly-sold policies like marine and fire insurance in order to sell life insurance. As the population moved towards industrial work over the years, the need to insure the loss of primary income grew far more common.
New York Life Insurance also established a well-known industry practice: the use of insurance agents to create and maintain business. The use of agents allowed New York to expand along the East Coast and west towards California. Expanding west was a significant move, as many insurance companies avoided westward expansion due to disease.
NYLI’s expansion has paid off in the ensuing years—the company has enjoyed prosperity and stability that have made it a Fortune 100 company and one of the largest insurance providers in the world. Their total assets are around half a trillion dollars, an incredibly rare achievement for any business.
Denied Benefits? Call Arnold & Itkin at (888) 493-1629!
Insurance companies are required by law to act in good faith—this means providing you with benefits in accordance with your policy. Any delay or refusal to pay must be legally justified in order for it to stand. Insurance companies naturally want to manage the amount they pay out to policy holders, but this often results in workers lacking the resources they need to pay for groceries, medical bills, transportation costs, or any living expenses.
If you have received less than what your policy entitles you to, you can hold your insurance company accountable. However, for that, you need experienced insurance claim attorneys. At Arnold & Itkin, our insurance lawyers are well-versed in the strategies providers will use to avoid large payouts. We use effective courtroom tactics developed in landmark, record-setting cases. Our attorneys have secured billions of dollars for injured clients.
If you want experienced, aggressive attorneys by your side, contact our firm today.