Payment of Interest on a Life Insurance policy

215 ILCS 5/224 (I)

“Interest shall accrue on the proceeds payable because of the death of the insured, from date of death at the rate of 9% on the total amount payable or the face amount if payments are to be made in installments until the total payment or first installment is paid unless payment is made within fifteen (15) days from the date of receipt by the company of due proof of loss. This provision does not appear in the policy, however, the company shall notify beneficiary at the time of claim of this provision.”

May 10, 2021

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