Primary: The individual named in the policy to receive death benefits if living. The primary beneficiary’s right at the time of the insured’s death and owner’s rights end. Policy owner has the right to change beneficiaries at anytime as long as the beneficiary is not irrevocable. Irrevocable beneficiaries must agree to change. If the irrevocable […]
Beneficiary Designations Read More »
During the first 2 years following the date of issue, the insurance company may rescind the coverage for any material misrepresentation regardless of the cause of death. For example, if an applicant fails to disclose on the insurance application that he has diabetes but then dies from a heart attack, the company may rescind the
Rescission of a life policy at insured’s death Read More »
With the exception of Alaska, Delaware, District of Columbia and Puerto Rico, the remaining states have a regulation regarding the payment of interest on delayed claim. When the wording differs from state to state, the idea is to protect the beneficiary from undue claim delays while the insurance company earns interest on that claim money.
Interest due on a delayed life or disability claim Read More »
The beneficiary designation by the husband probably states, “(ex-wife’s name), wife of insured.” While she is no longer married to the insured, the courts have ruled that words such as “wife of the insured” is description of the relationship at the name the spouse was named. The name of the beneficiary itself is controlling. Therefore,
In Illinois, The law provides that a life company issuing an individual life insurance contract on or after January 1, 2022, shall notify an applicant, in writing of the applicant’s right to designate a secondary addressee to receive notice of cancellation of the policy based on nonpayment of premium. The applicant may make such a
When an insurer delays payment on a life or annuity contract, they have deprived the insured or beneficiaries of the use of the money. To stop unnecessary delays in payment of proceeds, states have enacted laws requiring the payment of interest to those effected by the delays. Below is the Illinois Law: 215 ILCS 5/224
Payment of Interest on a Life Insurance policy Read More »
Yes, there is. This is a website that will help https://eapps.naic.org/life-policy-locator/#/acknowledgment
Is there a way to search for written life insurance policies in any State? Read More »
Yes, there is. This is a website that will help https://insurance.illinois.gov/Applications/LifePolicyLocator/ or call the Illinois Dept of Insurance at 217 782-4515.
You have 10 days from the time you receive the policy to return it to the insurance company for a full refund of the premiums paid. If over age 65, you have 30 days to return the policy for a full refund. Once the request is made, the policy is null and void.
What is a “Free Look ” period? Read More »
During the first two years, the insurance company can challenge a death claim based on health history of insured. Insurers will order a complete medical records, check the physical examinations and other sources of information. In some cases, it will request copies of coroner’s (Medical examiner) reports, and police reports.
What is a contestable period of a life insurance policy? Read More »
