My wife's father passed away in 1970-two months ago my mother in law was going through her paperwork and found this policy that was never paid, bought by my wife's Dad. We sent it and explained that the policy was over looked. They in turn sent it to their main offices in Dallas. They showed no record of it. What can we do? We have the policy in hand. Thanks.
2007-03-28 08:59:27 · 7 answers · asked by Gib 2 in Business & Finance ➔ Insurance
Just because you have the policy does not mean it is valid. It may have been cancelled or never paid on or expired at the end of the term prior to his death. Most reputable companies would have paid the claim even this late if the policy was valid. If you can check back on old records and prove that the premiums were paid on the policy, you can pursue it. You could also take it to an attorney and ask them to check if for you, but they will want to be paid, so if it is not valid, it may cost you more than you get.
2007-03-28 09:05:15 · answer #1 · answered by deep5223 4 · 1⤊ 0⤋
Maybe the policy had lapse some time ago or something. I don't know how long the policy number would show up on company records but you should a service rep at the main office of the company and discuss it with them. I may no longer exist or may have lapsed or may just have been overlooked. Also a possibility is that the holder may have cashed the policy in before he died. Some companies don't require the policyholder to surrender the policy when it is cashed in. Most do, but not all.
2007-03-28 16:11:55 · answer #2 · answered by sissyd 4 · 0⤊ 0⤋
never paid - do you mean an application for insurance that was never sent in, or an issued policy, where you didn't file a claim on it?
They should be getting it out of records - although you'll have to give them time, it's almost 40 years old, it should take them a while to dig it up. If it was active at the time of death, they should still honor it.
You might want to send a photocopy of the policy with a letter of complaint to your state insurance department, if they wont' acknowledge the policy. Their lack of a record doesn't take them off the hook to pay off.
2007-03-28 16:57:25 · answer #3 · answered by Anonymous 7 · 0⤊ 1⤋
Depending on the state that you reside, all states have different laws concerning this. Contact your State dept. of insurance and speak to an insurance specialist. Some states require that the claim be made within a certain amount of time.
2007-03-29 22:26:48 · answer #4 · answered by Elijah K 1 · 0⤊ 0⤋
Call the Texas Insurance Department for help.
800-252-3439
2007-03-28 16:06:58 · answer #5 · answered by PJ 5 · 1⤊ 0⤋
the policy itself isn't proof of purchase, what you need to be sure is that the policy was dully paid and have the receipt, that will be your only chance to recover the insurance
2007-03-28 16:07:27 · answer #6 · answered by Eppson 6 · 0⤊ 0⤋
if you have original policy and it has not been changed in any way, i would think the company has to pay on it. however, without reading it , i cant say for sure remember, no matter what a trash value agent says, iyou have to read the ins and outs of the contract very closley
2007-03-28 17:01:04 · answer #7 · answered by Nebraska debtbuster 1 · 0⤊ 1⤋