Life Insurance Claims
The purpose of life insurance is to provide security for your loved ones. As Miami life insurance claims attorneys we understand this. Our goal as South Florida life insurance lawyers is to ensure that beneficiaries receive the benefits promised by the policy. On occasion, insurance companies use certain excuses to avoid paying out a policy or benefit. Some of their tactics include:
- Disputing the cause of death.
- Alleging that there has been a material misrepresentation in the application for life insurance.
- Make accusation relating to fraud.
- Alleging that the policy holder partook in an undisclosed and intrinsically dangerous activity.
- The cause of death was uncertain in the death certificate.
Section 624.602 of the Florida Statutes defines life insurance in the following manner:
Life insurance" is insurance of human lives. The transaction of life insurance includes also the granting of annuity contracts, including, but not limited to, fixed or variable annuity contracts; the granting of endowment benefits, additional benefits in event of death or dismemberment by accident or accidental means, additional benefits in event of the insured's disability; and optional modes of settlement of proceeds of life insurance. Life insurance does not include workers' compensation coverages.
The most common types of life insurance are:
- Term Life Policy. This policy provides more life insurance coverage for your premium dollar in the early years. A term life policy pays out only if the insured expires during the coverage period. For the most part, these policies do not accumulate cash value. This policy is most suited for large amounts of coverage for specific periods. These periods tend to be 5, 10, or 20 years.
- Whole Life Insurance. This sort of policy involves coverage effective for the entire life of the policy holder. This policy pays benefit s, regardless of the age of policy holder at time of death. Premiums are paid at a fixed rate through lifetime, assuming the policy remains active. The case value accumulates from premiums paid over the years. You may be able to take out loans against the cash value of the policy.
- Universal Life insurance. You can increase or decrease the amount of coverage within the limits of the policy. You can also decide on the schedule of payments. You can choose between a policy that is interest sensitive, or has a fixed rate.
There are other variations of the above types of policy. We will go into more detail on these and other types of policies in our blog. Still, it is important to remember that insurance companies are profit driven, regardless of the type of coverage you buy. This means that an insurance company will use any strategy available to refuse or delay payment. As Fort Lauderdale life insurance claims lawyers we are well aware of these tactics.
An excuse or defense that if often used is material misrepresentation. This means that a fact may have been incorrect or misrepresented in the application for insurance. This defense usually works if the misrepresentation would have impacted the insurer's decision to provide coverage for the policy holder. If the "misrepresentation" is not material, then the insurer will have to honor the policy.
Miami-Dade life insurance claims attorneys are here to assist you 24/7 during this trying time. We can be reached at 1.888.413.8353.