guru 26 February 2016

Insurance claim

A insurance company, has settled a death claim based on the nominee detail provided in the application form filled during sales process. The actual policy document does not mention any nominee details. Now the insured died, and there are three legal heirs

Question

1) Can the insurance compnay settle claims based on the nominee details mentioned in the application form? Is application form a legal document

2) Are the other legal heirs elligible for the claim settlement?

Reply Follow

6 Replies

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 02 August 2016

As per nominee details mentioned on the application, the insurance company can settle the claim.

Kumar Doab (FIN) 12 August 2016

The insurer is liable to record the nomination as per proposal form.

Ms.Usha Kapoor (CEO) 20 August 2016

Yes! The Insurer is liable to pay the legal heirs of the deceased the entire insurence amount based on nomineedetails furnished in the application form while buying the policy as per settled law and the insurer has to settle the legal heirs claim to the policy amount accordingly. They have got to record the nominee details in the policy document.. as per the application form wherein nominee details are given at the time of buying the insuranxce policy.