The claim is assigned to an adjuster (sometimes called an examiner), who collects the necessary information and proof regarding the claim (this varies depend on the type of claim), reviews coverages available under the policy, and makes a determination of what, if anything, is due to the policyholder. If a claim is approved, the adjuster would authorize payment.
when a policy holder dies within the two years of policy it is considered as a early death claim
In case of death of the policy holder, with beneficiary already deceased and there is no will, the Insurance Company will pay only to the Legal Heir of the Policy Holder. The death claim will be kept in abeyance till the legal heir proves his legal identity to the satisfaction of the Insurance Company.
No a lien holder can not file a claim against the insurance company as they are not the named insured, you are. Although if there is a lien on the vehicle the insurance payment for damages to your vehicle will be in your name and the lien holder name. They then might require that you fix the vehicle so they can protect their interest in the vehicle. each lien holder is different. CORRECTION: If the lien holder is named on the policy and the vehicle has been repossessed, the lienholder has a right to recovery under that policy.
If they refuse to sign the application for a claim, they will not be paid the proceeds of the policy.
In fact, term insurance policies can be called no risk no fault insurance, as no claim is payable during the tenure of the policy and only in the event of death of the policy holder, claim is payable to the nominated person of the policy.
Obviously the claim will be entertained in case of sudden death of the policy holder in whole life policy.
The excess is what the policy holder has to pay before the insurance company starts to pay. If excess is $100 Damage is $300 the policy holder gets $200.
Usually the payout happens within 2-4 weeks from the date of claim by the next of kin. When a policy holder dies, the nominee of the policy has to submit paper-work to the insurance company along with proof of relationship and death of the policy holder. Once everything is completed, money would reach the beneficiary in around 2 to 4 weeks.
Talk to an attorney.
I have a claim on a car insurance policy with AIG. What are the chances of this claim being met?
The car owner and the policy holder better be the same person. If not nobody will be able to get the money. You cannot insure a vehicle that you do not own. If you do the insurance company cannot pay the policy holder because they don't own the vehicle. They can't pay the vehicle owner because they don't have a contract of insurance with the insurance company.
The only way they are notified is by the beneficiary filing a claim with a certified death certificate and claim forms. They have no secret power to know if someone dies.