Want this question answered?
Suicide and life insurance isn't regulated by state law, it is regulated by the insurance company and outlined in the insurance papers.
James George Davey has written: 'Life insurance offices and suicide' -- subject(s): Insurance, Life, Life Insurance, Suicide 'Life insurance and suicide' -- subject(s): Insurance, Life, Life Insurance, Suicide 'On medical evidence in our law courts' -- subject(s): Jurisprudence, Insanity 'The Ganglionic Nervous System: Its Structure, Functions, and Diseases'
Most insurance compnaies have a 2 year suicide clause. Death by suicide after that period, the claim would be paid.
Suicidal acts do not come under the purview of life insurance policy benefits.
It isn't against the law, no... laws against suicide are rare, because it is impossible to enforce a punishment for someone that is dead. However, it does invalidate almost all insurance policies, making it a significant financial burden to whoever has to bear the cost of clean up and burial. Suicide is a poor choice for a lot of reasons, many of which have to do with the suffering it causes others, but it is also sacrificing hope and potential. Despair is temporary. Suicide is not. Life gets better, and suicide is, as they say, a permanent solution to a temporary problem. Actually, really not a solution at all. Just another escape. It's harder to solve the problem that is motivating the suicide, but solving the problem is always a better choice, and more than worth it, even if it takes a lot of time, suffering, or embarrassment. Life is worth the sacrifice.
Before 2007, Missouri did not allow life insurance policies to exclude suicide, except that the insurer could avoid payment if it could be proven that the policyholder contemplated suicide when he bought the policy. Some resources will incorrectly state that this is still the law, thereby causing confusion. In about 2007, the law was changed and now insurance companies may exclude suicide for one year after the policy is purchased (in Missouri). After one year insurance companies must pay for death by suicide, even though the policy may recite a longer exclusion period. Note that an insurance company may initially deny your claim after the one year period hoping that you won't know the law and will go away. If the insured commits suicide within the one year exclusion period, the insurance company must return the premium with interest. The Missouri law is located at the link below.
You should contact your Michigan state Department of Insurance or it's equivalent. They would govern insurance regulations in your state. There are most likely many thousands of pages of law governing the operation of insurance companies in Michigan.
Under Section 38.2-3106 of the Virginia Insurance Code, suicide is only a defense to a policy during the first 2 years of the policy period and only if expressly provided as an exclusion in the policy. Even then, the insurer is still required to pay out the premium paid for the policy.
The real answer lies in what the specific Life Insurance Policy states. Various states have some requirements about "suicide" deaths and how long or short of period of years a policy may be in force before suicide is a covered cause of death. If Georgia has no such law, the policy language will govern whether an OD death is covered. Read you policy.
The website Michigan Auto Law designates the following four auto insurance companies as best: Auto-Owners Insurance Company, Home-Owners Insurance Company, Michigan Millers Mutual Insurance Company, and Grange Insurance Company of Michigan. Alternatively, the website iSeeCars has its own ranking of the top ten such companies, as determined by the number of complaints.
Yes, life insurance is but buildings and contents is not.
This branch as law deals with property, life, and liability insurance; fire and automobile insurance forms; and the regulation of insurance companies' policies and practices.