Many of us don’t like to think about life insurance because it means we have to think about loss; however, life insurance is an important product for parents and spouses to consider purchasing in order to ensure that after their passing, their loved ones will be protected against sudden financial hardship.
If your insurance company has denied your accidental death and dismemberment (AD&D) insurance benefits without giving your claim proper consideration, it can be said that it was acting in bad faith. In some cases, even when the medical examiner’s report and the death certificate will state “accidental death” insurers will find ways to deny a claim based on an exclusion.
“Too often, insurers have sidestepped their legal responsibility to make good on insurance policies purchased by their clients to provide peace of mind and financial security to their families,” said Chiang. “I’m pleased that these eleven companies have come forward and agreed to do what is right by their clients.”
State Controller John Chiang and Insurance Commissioner Dave Jones today announced two multi-state settlements with AIG Insurance Company that require the company to pay an estimated $25 million to $30 million owed to California beneficiaries of life insurance policies, and an $11 million settlement payment.
All life insurers licensed to do business in New York are now directed to report on how many death benefits they have not paid because they did not use the official government list of deaths to promptly identify when policyholders died, the New York Insurance Department announced today. To produce this report, the Department is requiring insurers to immediately begin using reliable available data to identify when policyholders have died and death benefits are due but unpaid. Meanwhile, the Department is working on a regulation to make this requirement permanent.