....(Seems the way the typical banking, insurance, medical businesses operate now days anyway, but that's another rant).....
Lumping them all together is like rallying a lynch mob. Not all banks, insurance companies and medical businesses are the same.
Specific to your question, not all insurance companies have the same claims approach. Some charge lower premiums, but will highly scrutinize every claim, in order to keep their prices low. Others will charge more and pay out more. Still again, some will only insure the lowest risks to keep their claims low. They are all different, its business. You need a good agent to help you know who is who. If you want the lowest cost, you will get what you pay for. That may be okay with you. Listening to little green lizards is the worst way to choose. So who is the real dope in the equation, when lizards actually work.
Here's a common example of a coverage exclusion. Say the insurance company charges you $100 to insure against the loss of your barn that would cost them $10k to rebuild. The policy is going to exclude anything that may be inside the barn of value you didn't tell them about. Store your '63 split window corvette in there and it is not covered by that policy. The Vette is worth more than the barn itself, so one shouldn't expect it to be covered for free. Often, the insureds find out later and blame it on the small print. One needs a good agent to explain all of this and the consumer needs to be sure they are actually buying the coverage they want or need. Same with boats. Most only look at the price of the policy and get what they deserve.
As for banks and medical businesses. My bank is a community bank. Good people, honest and personally help at the same local charities. They expect they will be paid back when people borrow money, because the money is actually from the depositors in the same community. They profit from taking the risk that some will lose their jobs, or get sick and can't. Way too many loans were made by large banks and mortgage brokers to borrowers that knew themselves they could never afford the house they bought and are the most likely to blame the bank.
My doctor actually spends 30 full minutes with me to review the results of my annual physical and blood tests. He charges me for the time and I gladly pay it.
Find what you want. Lump them together and you'll get what you deserve.