bhartiaxa
Guppy
Posts: 3
Reg: 08-25-08
|
01-02-09 07:52 AM - Post#3637
Life Insurance Policies are basically made for the purpose of securing your financial future and in the process ensuring that your family doesn’t face any crisis after your death. However on numerous occasions the insured / claimant could be in for a rude shock when the claim to the insurance policy is rejected by the insurer or the company that provides the policy. This is when you need to claim the policy that you once opted for. Insurance claim is the payment made by the insurer (Insurance Company) to the policyholder or claimant on the occurrence of the event or conditions which is specified in the Policy Bond.
On general terms Life insurance policies can be claimed when 1) on maturity of the policy: i.e – completion of term of policy. 2) On death of life insured: i.e – Premature death of the insured prior to completion of the policy and if the policy is on force & 3) Paid up value: this is also known as rider claim. Similarly in certain cases the insurer or company will refuse to pay the insurance amount. This happens on 1) Suicide of the ensured – A Life Insurance Company refuses to repay the claim on the suicide of the insured within a specified period (1 year basically), 2) Violation of good faith – Most insurance companies enter into long term contracts with their clients. Hence it is important that accurate data regarding age, health, financial conditions and other aspects are provided accurately, 3) Premium delays – premiums are to be paid on time, most of the companies do provide a grace period of a month, after that the policy is confiscated & 4) Proper documentation: Improper paperwork is one of the primary reasons that an insurance claim could be rejected. The following points should be covered & all paper work should be duly made in writing and duly signed by the nominee, a) Name of the insured, b) Policy number, c) Date of death, d) Cause of death.
So what does an individual do when his/hers insurance claim is rejected for a reason or the other. To begin the claim process one has got to follow a set of procedures. First and foremost get the death certificate of the insured as early as possible and provide it to the insurer or the company. Call up your insurance agent and ask his assistance to get all necessary documents filled accurately. You agent could act as an intermediary between you and the company. Incase you don’t have an agent contact the insurance company directly. Submit a certified copy of the death certificate to your insured. Once this is done a settlement is issued shortly. After the claim is submitted the proceeds are distributed accordingly, 1) Lump Sum: You receive the entire death benefit in a single amount. 2) Specific income provision - The Company pays you both principal and interest on a predetermined schedule. 3) Life income option -- You receive a guaranteed income for life. The amount of income depends on the death benefit, your gender and your age at the time of the insured's death & 4) Interest income option -- The company holds the proceeds and pays you interest on them. The death benefit remains intact and goes to a secondary beneficiary upon your death.
Last but not the least, the most crucial part of the claim procedure is the payment and release of the policy. After completing all the above mentioned formalities, the insurance company issues a discharge form, which is to be signed by the person entitled to receive policy money. Generally claim settlements unlike other monetary settlements don’t take up much time. If all documents are submitted properly then all claims are entitled to be settled within 7 working days. Understanding how to claim your life insurance policy is extremely important. A lot of hard earned money is involved. One shouldn’t let go off it, after all it was done in your interest by your dear ones.
|
|
Report Post
Quote Post
Quick Reply
|
|
Print Topic
Email Topic
1036 Views
|
|
This Forum is owned / managed by CRG Partners, Inc. (CRGP). Posts made by CRGP are based upon information believed to be reliable. The information contained herein is not guaranteed by CRGP to be accurate, and should not be considered to be all-inclusive. The companies that are discussed in this Forum have not approved the statements made in this Forum. This Forum contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. CRGP is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. Please consult a broker before purchasing or selling any securities viewed on http://www.TheSUBWAY.com or mentioned herein. CRGP has been compensated by third party shareholders with shares or with cash from the company on behalf of one or more of the companies mentioned in this Forum. CRGP may sell its shares for less than the target price given in its investment opinions. In addition to any compensation mentioned on www.TheSUBWAY.com, additional compensation can be equal to ten percent of any newly issued or registered securities of the profiled companies. CRGP and its web site operates under a license from Capital Research Group, Inc., TheSUBWAY.com Inc. and One Source Solutions Inc. (Licensors) and CRGP is not the agent of any of the Licensors and CRGP is solely responsible for all statements made herein. CRGP's Licensors, affiliates, officers, directors and employees own shares and intend to buy and sell additional shares of the company mentioned herein and may profit in the event those shares rise in value. CRGP will not advise as to when it decides to sell and does not and will not offer any opinion as to when others should sell; each investor must make that decision based on his or her judgment of the market.
Execution time: 0.038 seconds.
Total Queries: 10
Zlib Compression is on.
All times are (GMT -0500) Eastern. Current time is 09:56 PM
Top
