Probably as much a sense of relief as surprise.. I have had claims paid where the insured died of natural causes less than a week after the application was taken.. The claims were paid but that doesn't mean I wasn't concerned as I waited for the company decision..
Claim Not Paid News Story.
- Thread starter WinoBlues
- Start date
Probably as much a sense of relief as surprise.. I have had claims paid where the insured died of natural causes less than a week after the application was taken.. The claims were paid but that doesn't mean I wasn't concerned as I waited for the company decision..
- 8,707
Anyone else find the statement "she had up to $25,000" up to seems a very strange term for a policy.
- Thread starter
- #23
- 24,978
The author seemed pretty weak.
The sickness I see is amazing.I'm speechless on the people fe takes day 1. I recall 1 lady I wrote who said she was turned down 18 times. I called our favorite company and went over all the drugs with an underwriter and was approved preferred. Any independent agent who clean sheets is crazy. With the co's out there you can get 90% placed with day 1 and the other 10% you can get a good Gi.
Probably did an MIB and a script check at time of application and saw no need for medical records.
- 18,989
I can guarantee you that didn't happen.
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No, it was just as I said it was. Not as you surmise. He was shocked that it was paid. Took them 4 months to pay but they paid. But 4 months from death to decision on a contestable claim is warp speed for most FE companies.
- Thread starter
- #28
- 24,978
That is awesome. How quickly?
The policy was issued in February 2015 and the insured was killed in June 2015. Aetna had the claim processed in a few weeks, but told me that they could not release the check because of the fact the case was still open with the police department. I was told in Florida you cannot release funds in this type of situation until the case is closed. The man who broke into the home was claiming self defense. The company stayed in touch with me and in August I got a call saying the check was on its way because the case was closed. The intruder had been murdered too. I called the wife and told her to expect a check and asked her if she knew what happened. She told me she knew who killed the intruder and was glad the matter was solved. I got the impression it was a family member.
Cincinnati Life had a right to contest the claim, but in a situation where the insured is murdered I think they should have paid as a gesture of good faith. They probably would have received more than $25,000 in return from people who now would do business with them because of their actions. I do not think they will sell many policies until this case is forgotten.
Cincinnati Life had a right to contest the claim, but in a situation where the insured is murdered I think they should have paid as a gesture of good faith. They probably would have received more than $25,000 in return from people who now would do business with them because of their actions. I do not think they will sell many policies until this case is forgotten.
- 1,405
If Cincinnati Life had paid the claim as a sign of good faith, the next claimant who was beneficiary to a policy of an insured who misrepresented their insurabiliy, and whose claim was denied, would be able to use the "good faith payment" as evidence to compel the company to pay.
Further, had Cincinnati Life paid the claim, no one would have known about it. This story only became news because they didn't pay the claim.
What the reporter needs to do is try obtaining more facts. The story is sketchy at best.
Finally, given the press coverage to date, I think we can expect one of a number of lawyers to now jump on the case, and pursue whomever they think is to blame for this. As I said earlier, I hope the agent involved has their E and O up to date. I think we can anticipate they will be held responsible. The mother of the deceased will argue her daughter told the agent everything.
