If you were the insured under the policy and were suspected of making the fraudulent claim, the first step would probably be that the insurer would issue a "reservation of rights". This means that the insurer is "reserving" its rights to later disclaim coverage pending a further investigation of the claim. This is a letter sent to the insured so stating, and is required because most states impose time limits on insurers to settle undisputed claims. Therefore, this is a way to ensure that all parties know that the claim is disputed, and therefore, that the "undisputed" time frame does not apply.
As part of the investigation of a suspected fraudulent claim, the insurer will probably also conduct an "examination under oath". The insured or other persons having an interest in getting the claim paid will be put under oath and asked questions that are material to whether or not, based upon the facts, the occurrence is covered by the policy.
After this is done, the insurer will make a determination, usually based upon consultation with its lawyers, whether there is a sufficient basis to deny coverage, or whether it should be paid or compromised. In making that determination, it will consider the chances of defeat in a lawsuit based upon a denial of coverage. If the insurer loses the coverage suit, not only will it be found liable for the claim, but in most states, it will also have to pay the claimant's attorney's fees. More importantly, it sets a precedent for the interpretation of that policy language.
It is up to the insurance company to seek damages, not you.
The same as any claim. You just call the insurance company and notify them of your loss. If coverage is available then they will assign you a claim number and begin to process your claim.
In the UK there is no onus on a life insurance company to notify a funeral director of the existence of a life insurance policy, that is a matter for those handling the deceased's estate.
If you know who the company and/or agent is, you can submit a claim to them as a claimant against the other person's insurance.
You have a duty under the insurance contract to notify the insurance company, they will either require you to give them the ring or let you keep it.
Whenever damages occur on a home or a vehicle, it is best to notify your insurance company as soon as possible so that they may begin processing your claim. However, life often gets in the way and individuals struggle to notify their insurance companies when there is a need. It is necessary to notify the insurance company before your next billing cycle occurs.
Every state has different statute of limitations on crimes such as filing a fraudulent claim. Contact an attorney or check out your state's statutes to determine the SOL.
Even if the company is now bankrupt they probably had insurance when they were in business but you will have to find out the insurance company. Try to contact the attorney that is handling their BK and notify him that you have a claim. Your best action is to file a claim with your insurance carrier and let them go after the other party. How this will affect your rates depends on the policies of your carrier. Ask your insurance agent.
A claim is a liability on part of the insurance company. If a customer makes a claim it means that the insurance company has to pay the customer for the amount is eligible to claim and hence it is a expenditure on the balance sheets of the insurance company.
That's not very likely. The insurance company does not file your claim, they accept your claim notice from you. You have to file your claim with the company, not the other way around.
Probably not if there is not questions about liability for the damages. If the other party was clearly at fault and their insurance company is proceeding satisfactorily, there is no nead or requirement to involve your insurance policy. If you see a problem comming you need to notify your company asap so they can get set up and and have the ball ready to run with it
You are supposed to and I would reccommend that you do. You simply notify them but do not place a claim. Covers you if the out of pocket does not work especially if a bodily injury claim comes along!