by LMAbernathy » Tue Jan 08, 2008 07:42 pm
If I wanted to inform an insurance company of a material misrepresentation by one of their policy holders after a claim was made on their life insurance policy but before the payment has been issued, what would I need to do?
Would this actually void the policy?
Would this actually void the policy?
Posted: Tue Jan 08, 2008 09:42 pm Post Subject:
Hi again LMAbernathy,
If I wanted to inform an insurance company of a material misrepresentation by one of their policy holders after a claim was made on their life insurance policy but before the payment has been issued, what would I need to do?
I'm really not sure what you are asking? Are you referring to your deceased father?
If so, I don't think a claim of "material misrepresentation" would carry much weight, but I'm not an attorney. It sounds like you are wanting to get into a legal situation.
Posted: Wed Jan 09, 2008 10:35 am Post Subject:
As to the question of 'material mis-rep' in general though...material mis-rep would in fact void the policy right? (if it were true material mis-rep)....after the claim being filed wouldn't affect it...that's when most mis-rep is found!
Re: what would you do? Contact the insurance company directly starting with the claims rep handling the claim...also most companies have 'fraud' hotlines....
Posted: Wed Jan 09, 2008 12:36 pm Post Subject:
i'm not trying to do anything fraudulant. The policy asks general health questions. One of which I think could be questionable simply because the question is so vague. I'm just trying to figure out if it is worth my time, effort, and money to fight for this insurance if the policy will end up being void.
If it is void is there anyway I (meaning his estate) can get his premiums back?
Posted: Wed Jan 09, 2008 01:18 pm Post Subject:
i'm not trying to do anything fraudulant.
No honey, no one thinks that where did that come from?The policy asks general health questions. One of which I think could be questionable simply because the question is so vague.
The 'vagueness' may lead it the oppisite, in otherwords, giving the benefit of the doubt to the insured....I'm just trying to figure out if it is worth my time, effort, and money to fight for this insurance if the policy will end up being void
. What specifically is the question and the answer that you are talking about that was on the app? We would really need to know that to attempt to advise you....If it is void is there anyway I (meaning his estate) can get his premiums back?
I'm not 100% on life policys but on P&C policys if a policy is voided for mis-rep then generally the premium is refunded....(hope someone will correct me if wrong, but I'm pretty sure) there is a big difference in ''cancelled'' and ''voided'''..when they void a policy for misrep (assuming of course no claims have been paid) this means that had they had all the correct information they would not have issued the policy....then the prem.would refund...now remember, all mis-rep can't void the policy (although most would) if it's a minor deal and the company would've still issued the policy with that information...then there could be 'technically' mis-rep, but the policy wouldn't void....clear as mud right?I read your other post about the wicked step mother (my words)....I don't know if this is a state law, or if the policy in question was issued thru his employer...But were I you I'd continue to check, because I do know this, as I've been the unfortunate one that has had to administer four different estates of family members in the past three years! (yes i'm exausted! :wink: ) anyway I digress....On one of my brothers...he and his wife were divorced many years prior to his death although they continued to live as husband and wife most of the time....he had left her on as his beneficiary...HOWEVER, (again could be because this was thru his work, state etc)....it clearly stated that if the beneficiary was (or was to remain) a divorced spouse he had to complete this additional paper work, other wise it went to his estate, (in his case are his minor daughters, and we are all in agreement and no conflicts)...again here was the situation....they were married he named her as bene. as his wife...if they divorced (which they did)....and he wanted her to remain his bene...he had to fill out t his special paper that said (in effect) Yes, I want my divorced spouse to have this money...since he did nothing thus leaving her as his bene....she was kicked out and it went to his estate...now i reakon we could've all argued over it, but as I said we were all in agreement etc...and sister, I and parents went to a lawyers office and signed all of our rights of claim away regarding ANY of his estate...so ulitmately his daughters got that policy as well as everything else with their mother (his exwife) administering...now he did have the forethought to complete similar paper work regarding his 401k which then was able to go to her........
I know this is so confusing and I might've added even more confusion to this for you...if so I'm sorry...
Also so very sorry about the loss of your Daddy...
Posted: Wed Jan 09, 2008 01:50 pm Post Subject:
Thank you for your support and sympathy. I can't even begin to explain all the things I'm going through right now.
The question on the policy asks if you have any blood disorders. It then puts in parenthesis things like anemia or hepatitis. My father had phlebitus (blood clots) I'm not positive yet but I think it was highly likely that he was diagnosed with it before the policy was written (1990). I know he had problems with it since before I was born but I'm not sure when it was officially diagnosed. Does phelbitus count as a blood disorder?
if so, how long do I have to come forward with this info. If they pay out the policy to my step mother is it then too late?
Posted: Wed Jan 09, 2008 02:41 pm Post Subject:
You know I don't know that phlebitus would be considered a disorder especially given the examples they provided...again it amounts to 'if' knowing this they would've NOT issued the policy, this isn't what took your Daddy's life either right? (which really is probably inmaterial)...anyway....Did he have to take any type of medical exam for the policy or were there any medical records requested in order to issue the policy? if so...and this was a long time condition then that would've cleared it...i would think..i'll try and do some checking for you tonight or tomorrow morning..does step mom know there is a policy and has put in a claim? Have you told them there may be a dispute? any chance at all that she would forward this money or part of it back to his estate? was it a policy from his employer? how much are we talking about for this policy?
honey, are you (be honest, not saying i would blame you, or pass judgement) kind of in the mind set, ''if she's gonna get it, then i'm gonna try (or hope) that i can get the policy voided? If so, and again you know all the circumstance I might feel/do the same thing in your shoes....I don't want you to something, that could 'trickle' down and void other policys that you are the beneficiary of...see my point? don't want you to get back at her, and hurt yourself in the long run....let us know and i'll do some further checking tonight or tomorrow am for you...
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