new york state life insurance guarantee
Insurance companies make money by collecting more premiums from their insured companies pay in claims. Clearly, Insurance companies benefit greatly by the delay of payment to the insured or denying payments altogether. Despite governing insurance companies, often consumers should hire a lawyer to defend its contractual rights under a policy issued by an insurance company.
Life insurance is a contract between the insured and the insurance company guarantees payment of a specified amount of money in the insured's death. Life insurance comes in several forms, including but not limited to long-term insurance, industrial life insurance, life insurance and annuities.
A term that often hear about life insurance is "material misrepresentation". This is a significant inaccuracy (or omission) in an insurance application form. When evaluating life insurance claim beneficiaries of a life insurance policy, an insurance company can argue that if the application for insurance had been completely and totally accurate, the company would not have issued the life insurance policy in the first place.
Many states give insurance companies the right to look back (in New York, the look back period is two years) to determine whether there was a material misrepresentation or omission in the application. Even if no forgery had nothing to do with the death of the insured, an insurance company can deny the claim if it is determined that would not have issued the policy had it known about the misrepresentation or omission at the time.
Insurance companies argue that applicants make material misrepresentations and omissions most often in reference to the following information on the application: age, income, if the applicant uses snuff, alcohol use / history, hobbies, and history health.
If you or a loved one has been denied benefits insurance of life due to a charge of material misrepresentation in New York or New Jersey or by an insurance company based in one of these states, please contact with life Insurance Claims Denial Trief Law Firm & Olk.
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Article Source: ArticlesBase.com – Material Misrepresentations Common Reason for Benefits Denial
