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How Long Does It Take To Start To Collect Life Insurance?

How Long Does It Take To Start To Collect Life Insurance? When a person hires life insurance, it does planning to protect himself and his family. This type of policy offered the necessary economic support so that both the holder or if the beneficiaries can continue with their day-to-day in situations of death, disability, or dependency, among other cases.

How Long Does It Take To Start To Collect Life Insurance?

TheLife Insurance Approval Process – How Long Does it Take?

As a general rule, and according to the law of insurance contract, when there is a fact which gives rise to the payment of the capital insured in the policy, communication of the event to the insurance company must be within a maximum of 7 days since it happened. However, always necessary to review the General Conditions of the contract to confirm that the same does not specify a different date. 

How Long Does It Take To Start To Collect Life Insurance?
How Long Does It Take To Start To Collect Life Insurance?

Furthermore, the norm that regulates the insurance industry also States that “the policyholder or the insured shall, in addition, give to the insurer all sorts of information about the circumstances and consequences of the accident. In the event of a violation of this duty, the loss of the right to compensation only occurs in the event that had crowded dolo or fault serious“.” 

TIME WHICH ELAPSES UNTIL IT COMES TO LIFE INSURANCE

In many cases, within 7 days to inform the insurer of the happening is insufficient if they are taken into account, for example, all the procedures to be performed in case of death of a family member close. Faced with this situation and provided that the beneficiaries do not act in bad faith, expands the time. 
If there is no reliable evidence that the deceased was the owner of life insurance, it is necessary to check it by going to the registration of contracts of insurance and coverage of death, where shall issue a certificate which includes the insurance I had subscribed the deceased person. This procedure must be performed within 15 days after the death and for this, it is necessary to present the printed 790, as well as the document proving the death of the policyholder. 

When it is established that indeed the deceased had life insurance, the insurance company, after receiving notice of the death, will indicate the steps to follow to enable the beneficiaries to obtain compensation. In any case, there is a limitation period established by law, 5 years to claim personal insurance, as it is the case of life. Without that family members have claimed the capital this period elapsed since the death of the insured, the company is not obliged to deal with the case. 

Once carried out the precise steps, the time that it takes to collect life insurance may not exceed 40 days according to the law of insurance contract: “the insurer is obliged to meet the compensation at the end of investigations and” appraisals required to establish the existence of the claim and, where applicable, the amount of the damages resulting from the same. In any case, the insurer must, within forty days, after receipt of the statement of the claim, payment of the minimum amount that the insurer may be due, depending on the circumstances it known“.” 

Despite the provisions of the regulations, it is always advisable to contact the insurance company to see what is the time that will elapse to collect life insurance. The same procedure must be performed if there are any irregularities or if there is any delay in payment.

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