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guru   26 February 2016

Insurance claim

A insurance company, has settled a death claim based on the nominee detail provided in the application form filled during sales process. The actual policy document does not mention any nominee details. Now the insured died, and there are three legal heirs

Question

1) Can the insurance compnay settle claims based on the nominee details mentioned in the application form? Is application form a legal document

2) Are the other legal heirs elligible for the claim settlement?

 



 6 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     02 August 2016

As per nominee details mentioned on the application, the insurance company can settle the claim. 

Kumar Doab (FIN)     12 August 2016

The insurer is liable to record the nomination as per proposal form.

Ms.Usha Kapoor (CEO)     20 August 2016

Yes! The Insurer is  liable to pay the legal heirs of the deceased the entire insurence amount based on nomineedetails furnished in the application form while buying the policy as per settled law and the insurer has to settle the legal  heirs claim to the policy amount accordingly. They have got to record the nominee details in the policy document.. as per the application  form wherein  nominee details are given at the  time of buying the  insuranxce policy.

Ms.Usha Kapoor (CEO)     20 August 2016

Yes! The Insurer is  liable to pay the legal heirs of the deceased the entire insurence amount based on nomineedetails furnished in the application form while buying the policy as per settled law and the insurer has to settle the legal  heirs claim to the policy amount accordingly. They have got to record the nominee details in the policy document.. as per the application  form wherein  nominee details are given at the  time of buying the  insuranxce policy.

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     10 September 2016

Legal heir certificate must be produced if nominee details are not available with the insurance company.

Kumar Doab (FIN)     10 September 2016

The original proposal form having details of nomination is in custody of insurer.

 

 

 


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