If my parent passed away within the 2 year life insurance policy contestability period, how long does the insurance company have to do an investigation into the matter?
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If my parent passed away within the 2 year life insurance policy contestability period, how long does the insurance company have to do an investigation into the matter?
Is there a time frame for them to either deny the claim or pay out?
Asked on September 17, 2013 under Insurance Law, New York
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
I am so sorry for your loss. The insurance company has to take a reasonable time to make a determination of the claim. What is reasonable depends on the circumstances and facts surrounding your parent's policy. Remember that only material misrepresentations and fraud plus that the additional health consideration contributed to death then maybe they will be permitted to deny the claim. I say maybe because if they missed the condition - an oversight - in the original underwriting and they would have issued the policy but only maybe for a higher premium then you would have grounds to contest. If they have not contacted you with and information within 30 days of filing the claim I might speak with an attorney. Good luck.
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
I am so sorry for your loss. The insurance company has to take a reasonable time to make a determination of the claim. What is reasonable depends on the circumstances and facts surrounding your parent's policy. Remember that only material misrepresentations and fraud plus that the additional health consideration contributed to death then maybe they will be permitted to deny the claim. I say maybe because if they missed the condition - an oversight - in the original underwriting and they would have issued the policy but only maybe for a higher premium then you would have grounds to contest. If they have not contacted you with and information within 30 days of filing the claim I might speak with an attorney. Good luck.
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