Interim Coverage Disputes

Thousands of people purchase new life insurance policies every year. After they make a premium payment, purchasers desire immediate coverage. However, most life insurance companies do not authorize their agents and brokers who sell insurance policies to the public to make commitments which can only be terminated by an insurer when the premiums are not paid.

The responsibility for deciding whether to issue life insurance policies is usually vested in underwriters. They decide whether to accept an application, whether to issue an insurance policy for a certain amount of coverage and how much to charge for the coverage.

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Life Insurance Beneficiary Dispute: What You Need to Know

Life insurance is essentially a contract between the insured policyholder and the insurance company. Payment of insurance benefits is governed by the policy terms and state or federal laws. The benefits are usually paid to the beneficiary designated in the policy. However, often, someone other than the named beneficiary may have a valid claim to policy proceeds.

The most common examples are disputes involving current or ex-spouses, children from different marriages, the insured’s possible lack of capacity, undue influence of the insured to change a designation or the insured’s improper efforts to change a beneficiary designation.

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