What should you do if your life insurance claim has been denied?
The attorneys at Life Insurance Law work to recover full compensation for life insurance beneficiaries in Rhode Island. If your life insurance claim has been denied or delayed, contact us today for a free case evaluation.
You can expect the following from our Rhode Island life insurance lawyer:
- A free case evaluation where we go over the facts of your claim in detail.
- Explanation of all legal terms and documents.
- An attorney who will contact your provider to get a delayed claim paid fast.
- Full disclosure on court costs and attorney fees before you agree to retain counsel.
Many claims will be denied by providers based on material misrepresentation. This means that the policyholder provided false information, such as age or health history, that makes the policy invalid. In these cases, a Rhode Island life insurance lawyer can help you appeal the decision and may still be able to recover the full amount of your claim.
How am I protected by state insurance laws in Rhode Island?
The U.S. Constitution gives the federal government the power to regulate interstate commerce. In the case of life insurance policies, the federal government has largely allowed the states to take the duties of regulating the insurance industries and of providing consumer protection.
The state of Rhode Island has life insurance laws to help protect consumers. Here is a summary of some of these Rhode Island life insurance laws. Of course, you should definitely contact us to discuss your case specifically and see how state laws impact your particular situation.
Chapter 27 of the Rhode Island Code is the primary regulating force behind the insurance industry of Rhode Island, but other legal provisions have also been adopted as consumer protection laws. The Rhode Island Department of Business Regulation is the state agency entrusted with overseeing insurance companies. The most important rules that may apply in your case are:
- The “free look” period. Any Rhode Island resident buying a life insurance policy has at least 10 days to back out of coverage and receive a full refund of any premiums he has paid. Some insurers may extend this free look period to as long as 30 days, but by law you are guaranteed at least ten days to change your mind.
- Timely payment on claims. When a life insurance claim is filed, a Rhode Island insurance provider is required to pay the amount to the beneficiary with no unreasonable delay. Payments are typically made within a 30 days after the insurer receives proof of death for claims filed electronically, or 40 days if the filing is on paper forms. To encourage prompt settlements, interest potentially begins accruing on the unpaid benefit, beginning at the death of the insured person.
- Your benefits are guaranteed even if the insurer goes out of business. Life insurance policies that are current are backed by the Rhode Island Life and Health Insurance Guaranty Association. In the event that your life insurance company becomes insolvent, we can work with the Guaranty Association to compensate your policy. This guarantee is limited to $300,000 maximum for lost death benefits and $100,000 maximum for lost cash surrender. Your insurer must be properly licensed in Rhode Island for this protection to apply.
Why you should work with us
The attorneys at Life Insurance Law work with clients across the country to recover denied and delayed life insurance claims. Whether we agree on a settlement or take your case to court, our attorneys will fight for your best interests every step of the way.
If your insurance claim has been denied or delayed, call our offices today to get advice from a Rhode Island life insurance attorney.