Q&A: How does an insurance company decide on the payout for the deceased beneficiaries?
Question by I Am The Truth: How does an insurance company decide on the payout for the deceased beneficiaries?
If the deceased person had supplemental life insurance through their job that was 5 times their annual salary. How does the insurance company decide how much the beneficiaries should receive if they even receive anything.
Best answer:
Answer by mbrcatz
The insurance company doesn't "decide". They go with however much insurance was purchased. They pay out exactly who was named as beneficiary, exactly the percentage or dollar amount that the deceased told them to pay out.
It's all decided by the insured, on a group life policy.
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How would a car insurance company know if i had a claim on previous insurance policy?
Question by Ivan Stephenson: How would a car insurance company know if i had a claim on previous insurance policy?
As above, i claimed on my existing car insurance policy about 2 years a go now. When getting new quotes they ask if i've had any claims in the past 3 years (which i have). But just wondering how would my new insurance company know either way if i put 'no claims'. Surely if they were all on one database they wouldnt be asking me in the first place?! Would they check for any reason? And what would happen if i was found out? Thanks.
Best answer:
Answer by What the?
They will check your VIN which shows your car's history.
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How long does an insurance company need to approve a medical insurance application?
Question by summerhill: How long does an insurance company need to approve a medical insurance application?
My medical insurance has expired and I've just decided which one to buy next. How long does an insurance company need to approve an application and get it activated??
I have no medical insurance right now so I'm kinda worry because of the swine flu.
Best answer:
Answer by Zarnev
Depending on the company and if they need to get medical records it can take anywhere from 2 days to 6 weeks with an average of about 10 days. If it is a clean application and you have no health conditions 2 to 5 days. If they need to call you to verify something on the application it can take 5 to 10 days. If they need medical records sometimes doctors are very slow in sending those records in so it could take 2 to 6 weeks.
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