by Guest » Sun Nov 09, 2014 08:11 pm
I received payment plus interest on a policy my father had and was only found out about. I was only paid 1% interest where my sister received more. I was told it was based on the state, she is in Arkansas, I am in California. I cannot find what the current interest rate s for California but there is a big difference in what she was paid and I was. She received $496.44 in interest on $1,666.66 and I only received 62.05 (1%) He passed Feb. 7, 2011, claim processed October 2014. Her interest was not broken down in her letter as mine was.
Posted: Wed Nov 12, 2014 05:35 pm Post Subject:
1% is far too low. You may have a case against the insurance company, but, unfortunately, the amount at issue is not significant. You can try suing the insurance company in Small Claims Court, but no attorney is going to take a case involving $400.
Posted: Thu Nov 20, 2014 06:07 am Post Subject:
Yeah, I agree the amount of interest is not that much bigger, so i will suggest you to do it in small claim court.
Posted: Thu Nov 20, 2014 06:07 am Post Subject:
As, the owner of the life insurance policy, you can generally borrow an amount up to the policy's cash surrender value from the insurer. The insurer will charge you interest on the loan. Generally, interest is not actually paid, but is added to the amount of the loan.
Posted: Mon Dec 01, 2014 05:02 pm Post Subject:
Wrong discussion. This has nothing to do with policy loans, it has everything to do with death benefits owed. Read the original post.
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