A life insurance policy is purchased by people who choose to take the well-being of their family’s future into account. A life insurance policy is a contract between the life insurance company and the policyholder, stating that if the policyholder passes away, the life insurance company will pay their beneficiaries a certain amount of money.
Contestability of application
When a person applies for life insurance, the life insurance company reviews the application and determines if they will insure them, and for how much their life will be insured. The insurance company has a period of contestability to review your application and deny the life insurance policy applied by a person. Although the length of contestability varies from state to state and the insurance company can investigate and deny the life insurance based on any “material misrepresentations.”
Insurance Denial Cases
Material misrepresentations are any fallacies, discrepancies or distortions that cause the life insurance company to deny your life insurance policy had they been known at the time of approval. Life Insurance Denial Attorney in New Jersey can also deny the insurance claim if there is suppression of original facts. Material misrepresentations can occur within the:
Life Insurance Policy Amendment
Life Insurance Application for Late Enrollment
Life Insurance Application for Renewal
Life Insurance Application itself
Material misrepresentations must be misrepresentations in your life insurance application that are substantial enough to deny a life insurance claim to the insurer caused by a life insurance company.
The common material misrepresentations include:
Dangerous Hobbies or Traits
Assets
Employment History
Occupation
Age
Tobacco Usage
Alcohol Usage
Income
Other Life Insurance Policies
In case a person dies during the contestability period, life insurance companies always launch an investigation to determine if the deceased person made any material misrepresentations on their life insurance application. If in case the company finds any material misrepresentation, they can deny the life insurance claim made by the surviving family members.
The peaceful settlement is preferred than litigation
A material misrepresentation is debatable, and an experienced Life Insurance Attorney Nj
is needed to pressurize the life insurance company into paying for the life insurance claim. The experienced life insurance denial lawyers will work hard to get you the life insurance proceeds you deserve.
Insurance companies are often willing to settle out of court and the litigation experience has to take your case to trial if needed. The Life insurance denial is a contractual problem that requires a Denied Insurance Claim Lawyer or attorney who is well abreast with life insurance applications, insurance law, and life insurance policies. The Life Insurance Denial Lawyers have negotiated or litigated many different life insurance denial cases against market biggies like:
Banker’s Life
First Penn-Pacific
Globe Life
John Hancock
Lincoln
Met Life
You can always contact the Life Insurance Denial Attorney today if you have been denied your life insurance claim.
