- 29,492
Are there any policies that cover risky business in international waters?
- Thread starter Spin
- Start date
- 4,576
only way anyone that died in the submarine would have a claim denied would be for misrepresentation or fraud. IE: at the time of application, they knew they had already booked a trip/event & said No to the questions. Same is true for someone dying that took a trip to IRAQ. If they never had plans to go to IRAQ, likely a non-issue. But if they had always went there every few years or had bought tickets, claim likely denied if death was within the contestability period. Same for people that take their 1100 hp corvettes to race at a track. If they never owned one & never raced until a 1 year after buying life, non-issue. But had they always owned such cars & raced several times, likely a claim denial if death in contestability, etc
tikibarrister
Guru
- 472
If you get a policy at age 20 and later decide to take up parachute jumping, scube diving, or doing final expense face-to-face appointments at age 30, you're still covered because you weren't engaging in those risky activities when you signed up.
- 2,114
What about jumping out of a plane wearing scuba gear and holding a step ladder. Am I covered?
tikibarrister
Guru
- 472
Yes. And certain to collect.
- 29,492
Only if you're climbing the step ladder at the time of impact.
tikibarrister
Guru
- 472
PrivClientSG
Guru
- 325
I've been an expert witness -- as a life insurance professional, not as an attorney -- on several cases in and around the two-year contestability period. I've testified several times on this. Everyone is entitled to an opinion, and you can say all you want, but an expert opinion, from a qualified expert, offers a qualified opinion. That said, while every contract may contain different contract language -- and the policy is in fact a contract -- typically a life insurance company, within the first two years, has the right to review the (death) claim, and review the application and underwriting process, documents, etc., for any reason whatsoever. However, they only, typically, have the right to contest and deny the claim for any material or substantial misrepresentation(s). If they find that, they can dispute the claim.
Not all claims that are denied are black and white. Even if the insured lied -- about being a smoker for example -- while that sound or seem like a material misrepresentation, that in and of itself is may not have been cause for the company to deny coverage, and as such deny the claim. I have had three cases where they paid, but subtracted the difference in premium between smoker and non-smoker from the death claim proceeds. So, even if there is a misrepresentation, a lie, an inaccuracy, etc., they may still pay the death claim. If you are in a situation where a claim is being contested, and then denied -- seek legal counsel! Period.
Not all claims that are denied are black and white. Even if the insured lied -- about being a smoker for example -- while that sound or seem like a material misrepresentation, that in and of itself is may not have been cause for the company to deny coverage, and as such deny the claim. I have had three cases where they paid, but subtracted the difference in premium between smoker and non-smoker from the death claim proceeds. So, even if there is a misrepresentation, a lie, an inaccuracy, etc., they may still pay the death claim. If you are in a situation where a claim is being contested, and then denied -- seek legal counsel! Period.
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- 5,290
What exactly would define risky?
- 2,114
That right there. No kill switch.
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