Death due to a terror attack or riot..

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PostPosted: Fri Jul 17, 2009 10:58 am   Post subject: Death due to a terror attack or riot..  

We all family members have life insurance. I want to know, do life insurance companies pay in the event of death due to a terror attack or riot?

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PostPosted: Fri Jul 17, 2009 11:54 am   Post subject:   

Quote:
do life insurance companies pay in the event of death due to a terror attack or riot?
You'd have to read the policy wording, some may exclude this 'peril' from their policy.


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PostPosted: Fri Jul 17, 2009 12:24 pm   Post subject:   

I don't recall seeing a policy with this exclusion. For instance, there weren't any policies not paid for the 9/11 bombings.

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PostPosted: Fri Jul 17, 2009 12:37 pm   Post subject:   

I.E. I said, to check because

Quote:
some may
not that they all did.
Quote:
For instance, there weren't any policies not paid for the 9/11 bombings.
How could you possibly know that?


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Last edited by Lori on Fri Jul 17, 2009 5:38 pm
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PostPosted: Fri Jul 17, 2009 2:30 pm   Post subject:   

Of course, an insurance exclusion is a statement in the policy describing conditions or types of losses not covered by the policy. A common exclusion in life insurance policies is accidental death caused by "act of war". Another exlusion might be "death while commiting a felony" and there are others.



The law requires these "exclusions" to be clearly written and to be very specific. If there is a reasonable difference on how to interpret the exact meaning of an exclusion, a court will resolve this dispute most often in favor of the policyholder.



We, too often, in these forums attempt to make insurance all "black and white" and that certainly is not the case. Insurance policies differ from state to state and from company to company.



Lori is absolutely correct, read your own individual insurance policy because these are the terms and conditions which actually apply in your own individual situation.



If there are terms which you don't completely understand, first call your insurance agent and if you don't get a satisfactory answer, call the insurance company and if that doesn't work, call your State Department of Insurance.



I have been in the insurance business for 28 years, but do I have all the answers?, certainly not and neither does anyone else.

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PostPosted: Fri Jul 17, 2009 5:37 pm   Post subject:   

Quote:
Lori is absolutely correct, read your own individual insurance policy because these are the terms and conditions which actually apply in your own individual situation.
Thank you Maze...
Quote:
I have been in the insurance business for 28 years, but do I have all the answers?, certainly not and neither does anyone else.
I couldn't agree more (I ''only'' have 22 years however Wink )...There are different 'twists and turns' in policy language, state, to state, and company to company. Some may exclude a particular peril while others do not. And as Maze pointed out, any exclusion, is clearly in that policy.


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PostPosted: Fri Jul 17, 2009 7:13 pm   Post subject:   

Lori, I wasn't trying to correct you. I was simply pointing out that it wasn't an exclusion that I had ever seen.



I have no idea if any company excludes that peril from a policy. I don't know if any state will allow them to exclude that peril. It is very possible that those are perils that can't be excluded.



Has anybody ever seen a U.S. life insurance policy that excludes those perils?



The reason that I can say is that all 9/11 policies were paid is for the following reasons:

1) I have read that multiple times. (doesn't make it true)

2) I have never seen a policy that excludes terrorist attacks(doesn't mean that one doesn't exist)

3) An insurance policy not paying would be very newsworthy. I have been unable to locate anything to the contrary. (doesn't mean that I'm correct)



This is one of thes things that I will accept as fact until somebody has any information that contradicts what I'm saying. If I'm wrong, I'll be very happy to be corrected.

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PostPosted: Fri Jul 17, 2009 7:17 pm   Post subject:   

Most probably its covered. Also if its terror attach, many a times the government compensates the family. But for Riots I am not sure

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PostPosted: Sat Jul 18, 2009 9:09 am   Post subject:   

Okay Exeprts, many a times the policy terms are expressed in ambiguous language that reading the policy document might not clarify it all. You then need to depend upon the agent or the insurance company to interpret it for you. I think that makes a customer vulnerable to the insurance company and leaves a chance for the insurer to turn the policy language to their favour.


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PostPosted: Sat Jul 18, 2009 12:09 pm   Post subject:   

Quote:
Okay Exeprts, many a times the policy terms are expressed in ambiguous language that reading the policy document might not clarify it all. You then need to depend upon the agent or the insurance company to interpret it for you. I think that makes a customer vulnerable to the insurance company and leaves a chance for the insurer to turn the policy language to their favour.




Incorrect. There is really nothing ambiguous in a typical life insurance contract. One is either dead or alive. The common exceptions include suicide within the first two years and death within 2 years when the policy was obtained my making material misstatements. All exclusions will be written in the contract.
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PostPosted: Sat Jul 18, 2009 2:51 pm   Post subject:   

Quote:
All exclusions will be written in the contract.
And quite clearly, I see no ambiguity at all, even for a 'laymen'...The problem most people find when reading any insurance policy, is they don't read the entire thing. They read to the part they think they want to know about but fail to search further into the policy, ie, ''how losses are settled'', 'exclusions' etc.


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