What to do if a life insurance company overpaid a death benefit 1 1/2 years ago?
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What to do if a life insurance company overpaid a death benefit 1 1/2 years ago?
Do I have to pay this back. I no longer have the amount they are asking for repayment.
Asked on September 6, 2012 under Estate Planning, New York
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you were overpaid a death benefit approximately a year and a half (1 1/2) ago, you are obligated under the laws of all states in this country to reimburse the insurance carrier the amount that you improperly received through the insurance carrier's fault. If you do not repay the amount, the carrier could end up filing a lawsuit for its recovery.
I suggest that you try and enter into a written agreement for the repayment of the amount on a monthly basis at an agreed upon interest rate. You should also consult with an attorney that practices consumer law to assist you in your matter.
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