Like it or not insurance is system based on "contracts". Contracts are legal documents and as such lawyers and our entire legal system is fully involved. I wish it was a simple system whereby a company granted you "protection" with no strings attached. It doesn't work that way. One of the most important areas to evaluate in any policy of insurance are the exclusions. Always check your policy's exclusions to see first and foremost what is excluded. That still doesn't mean there are not other exclusions hidden in the policy or even attached by "riders" to the policy. It probably would be a good idea to get a law degree so you can manage your insurance!
As agents, we try to serve our clients by interpreting insurance policies. Major items like a "suicide clause" in a life insurance policy is easy to explain. If Elvis Presley or Heath Ledger (Batman) were proven to be suicides ( I am not sure that is the case) and they had a life insurance policy that was less than 2 years old, the policy wouldn't pay the death benefit to the beneficiaries. Worse yet, if the death is a "possible" suicide or even remotely considered by the insurance company as a suicide, then can you imagine how long the proceeds would be held up in a legal battle between the beneficiaries and the insurance company? Yikes. So even the simple aspects of policies can get rather complicated.
I hate to say buyer beware but that's really the case with insurance. Read your policy and ask your agent if you have questions
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment