Life Insurance Claims: Legal Terms




Life Insurance ClaimsSome common legal terms and definitions:

Accidental death: A case where death was unintentional due to an accident or disaster which is usually covered under a specific clause of life insurance

Beneficiary: The person who receives the assets and monetary awards of the deceased, usually named in writing in both will and the insurance policy

Coverage: The amount and extent of protection against disaster covered by an insurer

Delay: A common insurance company tactic, delays may include dodging your calls, asking you to submit more forms or other actions that unreasonably put off payment

Life Insurance Denial: Refusal to pay policy benefits to a beneficiary, usually citing material misrepresentation as the reason for denial

Lapse: A period of time where the policyholder is not covered, usually due to lack of payment

Policy: A legally binding contract between an insurance company and a policyholder

Policyholder: The person named on an insurance policy

Premium: A set amount paid per month to the insurance company by the policyholder for continuation of coverage

Settlement: An agreement reached between two parties without the necessity of going to trial, and also a term for the sum of money paid to the grieving party

Will: A legal document outlining a persons wishes regarding distribution of property, estate and assets after death

Wrongful death: A case where negligence or potentially harmful actions resulted in the death of another person

 

Do you have more questions?  We’ll be happy to answer them in your free consultation.  Contact the attorneys at Life Insurance Law today.

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