Re: Re: How long can life ins. policy holder legally delay paymnet

Subject: Re: Re: Re: How long can life ins. policy holder legally delay paymnet

Comments:
: : : My wife died of Breast Cancer on March 25, 2003. The claim was officially filed on or about April 10. 1st Colony Life is making me jump through hoops with verifying that I have made timely payments on the policy. Which I have done. And for over 2 months now, they have been doing a medical history search on my wife going as far back as 1980. I've gotten them all the info on her past and present Doctors. : : : 1st Colony claims they are doing this because my wife signed up for the policy about 20 months (under 2 years) before she died. She had been covered by Jackson mutual for almost 10 years prior to signing on with 1st Colony. We never missed a payment until we switched to 1st Colony. The 1st Colony agent was my agent for my new life policy. He asked my wife if she had a life insurance policy and what it was. He offered her a policy worth $50,000.00 more for $3.00 less per month in payments. Of coarse we went for this. Now we may get no settlement at all because we switched. Can 1st Colony deny payment based on being less than 2 years mature? I saw nothing in the paperwork we signed describing this rule. : : : How long can they take to satisfy this claim? : : : Isn't there a legal limit or time frame in which they must settle? : : : I've got over $40,000.00 of her medical bills and $8,000.00 of her credit card bills that need to be paid! These people want their money, and rightly so, but how long must I wait for 1st Colony to payoff/settle this calim? : : : Thanks in advance for you help. : : : Scott Madsen : : xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx : : Scott.......... : : Your wife died prior to the contestible clause in the contract expiring which is for two years from the date of the policy issue. : : The insurance companies do not have an open book as to the time they can settle a claim contending that they are investigating the claim to see if their were any answers to the questions asked on the application that were misrepresented to the company that would have effected the issue of the policy. : : Example...If your wife had visited the doctor to be treated for a cold and did not state that on the application, that would not have effected the issuance of the policy, but if if the visit was for a cancer treatment, that would have. : : Generally the manditory payment of claim is six months but it could vary from State to State and what it reads in your contract under, "Payment of Claims". : : Rather than wasting any more of your time with the insurance company, I would suggest you telephone your State DOI complaint department and explain the situation to them. : : If anyone can help you expedite your claim it would be your State DOI because you would be getting right from the "horses mouth", so to say. : : In addition to that, if you file a complaint to your State DOI, they will forward it directly to the insurance company and within a specific period of time the insurance company will be required to respond to the State DOI with an answer as to why the claim has not been settled. : : Ken Young : : xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx

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