People who often are beneficiaries of claims by policyholders need to know some of the facts about filing claims so that they do not hit a dead-end while doing so. First, you need to understand the terms and conditions by which the policyholder agreed to sign in to an agreement with the insurance company. Too many people either have lost money left over by their deceased or have filed claims to insurance companies with zero results.
The first thing that you need to do, both as the policyholder and the beneficiary is to go through the terms and conditions of the policy, understanding the fine print with the help of an agent or a representative of the company. It may not be a bed of roses to come to such a meeting, but it will help you clear the air and assist you file a claim easily.
That said, there are 2 waiting periods that you need to take into account while dealing with an insurance policy, and this article discusses it in a short and precise manner.
Contestable waiting period in a simplified life policy:
The first of these periods starts once you file claims for a person’s death if he had signed in for such a claim as the simplified life policy. A 2-year period is given to the company to investigate the information that the policyholder gave, in case he took a term life insurance no medical exam cover. In this time as well, the company is mandated the responsibility of finding out the exact cause of death of the holder, and should contest a claim once an anomaly is detected. If the person was seen to have committed suicide, the company holds the right to deny any the claim to the family or the beneficiary.
Guaranteed issue policy waiting period:
Another waiting period is the one mentioned above. This type of policy is generally issued for those customers who are unqualified for the fully underwritten insurance policies that we have today. This can happen for various reasons. However, if someone acquires such a cover and dies within the first 2 years that the policy covers, there will not be any benefit given to the beneficiaries. However, the premiums paid will be given in full with the interests incurred. This of course will be done once an investigation is done about the cause of death of the policyholder. This also takes some time.
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