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Paying Life Insurance Policy Proceeds Chapter Outline Processing life insurance claims Special claim situations Processing life insurance claims Claim form proof of loss claim examination process payment of policy process Processing life insurance claims Claim forminsurance laws in most states in the united States mandate that if the insurer requires the claimant to complete a claim form, then the insurer must provide a claim form to the claimant within 15 days of a request for a claim form. Processing life insurance claims Proof of loss Processing life insurance claims Claim examination process1. Status of policythe claim examiner must check the status of the policy to ensure that it is in force when the insured died.2.identification of the insuredto confirm the person who died was the person insured by the policy.Fraudulent claim the claimant intentionally attempts to collect policy proceeds by providing false information to the insurer. Processing life insurance claims 3.Verification of the loss4.verification of policy coveragethe claim examiner must review the terms of the insurance policy to determine what type of coverage it provides.5.identifying the proper payee Processing life insurance claims Common disasterif the insured and the beneficiary die at the same time or under circumstance that make it impossible to determine which of them died first, then policy proceeds are payable as if the insured survived the beneficiary. Processing life insurance claims ExampleDuffy and his wife, Ally, died in an airplane crash and the evidence did not shoe which of them died first. Duffy was insured under a policy that he owned; Ally was the primary beneficiary and Duffy’s mother was the contingent beneficiary. Duffy ‘s mother died several years before the crash. Processing life insurance claims Analysis the insured, Duffy, is deemed to have survived the primary beneficiary, Ally. Thus, the policy proceeds are payable to the contingent beneficiary, if sh