by hwktlf2 » Thu Nov 14, 2013 01:35 am
Asking for my sister. Her husband had an insurance policy that would pay off the house when he died. Well, he died and now the insurer is refusing to pay. "Change" had been made to the policy, his name was marked through and his wife's name was inserted. Is this legal? Wife received "copy" of said change but nothing was signed by either. Is legal action necessary at this point?
Thank you for your time
Thank you for your time
Posted: Wed Nov 20, 2013 10:32 pm Post Subject:
Now, something has to happen - for sake of argument, let's say an application is completed and payment submitted to an insurance company prior to a policy being issued. Once that policy is issued and payments made for let's say 2 years (the usual Contestibility Period) the company cannot deny a claim based on information they failed to get. If you go into my website, you'll see a very similar non-payment of benefits claim Max and I worked on earlier this year.
The insurance is not issued as it has not been under written.
Find me a few of these Canadian cases where people made premium payment on a policy that didn't exist.
Exactly the policy doesn't exist, all they are doing is paying premiums until its underwritten.
I haven't been to Canada in a few years. Max, want to go to Canada and help me sue a crooked mortgage insurance company? Maybe we can do some fishing.
Its not a mortgage insurance company, its the lending institution that is promoting the mortgage insurance. As I mentioned before, the majority are not licensed insurance agents, I would like to say 100% however that is unlikely to be true. No self respecting insurance agent would advise a client to take out this insurance.
The licensed mortgage agent I work with has to inform the client about the mortgage insurance, however she always lets them know that its a stop-gap measure, and she refers them to me.
It seems like the USA and Canadian version are two very different beasts.
Posted: Wed Nov 20, 2013 10:36 pm Post Subject:
http://www.youtube.com/watch?v=qe61HVGIwUo
About 40 seconds in, its a news story from CBC, a respected new agency. Its a long video, just ignore the beginning as its not about ball room dancing.
Posted: Wed Nov 20, 2013 10:39 pm Post Subject:
@maxherr, the video above, about 3mins in.
Posted: Thu Nov 21, 2013 01:34 am Post Subject:
When I tried to download it, I received the following message.
"The uploader has not made this video available in your country."
Posted: Thu Nov 21, 2013 01:36 am Post Subject:
Seriously though, johng. Find me a few of the cases you've described above and I'll look into it. Can I retain you as a consultant?
Posted: Thu Nov 21, 2013 02:31 am Post Subject:
Ill see if I can find another version. I guess that the case due to it only being relevant to Canadian market. It seems like there are a lot of differences between insurance in Canada and USA.
Posted: Thu Nov 21, 2013 02:34 am Post Subject:
Does this one work? http://www.youtube.com/watch?v=MvtcfTrPJJE
Posted: Thu Nov 21, 2013 02:44 am Post Subject:
http://www.thestar.com/business/personal_finance/insurance/2011/04/05/why_you_shouldnt_buy_mortgage_insurance.html Canadian newspaper, they mention post-claim underwriting, so in other words you have to be dead before underwriting is performed.
Posted: Thu Nov 21, 2013 04:12 am Post Subject:
johng, the link contained in the second post worked. It said the claim may be subject to post-claim underwriting. I'm not really sure what to make of that. I'd love to see a couple of cases where a claim was denied. Thanks.
Posted: Thu Nov 21, 2013 03:53 pm Post Subject:
There should be at least two cases mentioned in that video. I have personally not seen a physical "policy", where a claim has been denied. I don't sell that product, so I don't have any myself.
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