Free Review Finds Life Insurance Claims Being Underpaid by Insurers
Summary
To date, California State Controller John Chiang has reached global settlements with 18 life insurance companies, with an aggregate value of $2.4 billion belonging to beneficiaries.Los Angeles, CA, December 26, 2013 --( PR.com )-- Life insurance claims, triggered by the Death Master File, are being undervalued for many beneficiaries.A study by the Center for Life Insurance Disputes has found that while life insurance claims initiated from audits by the California State Controller are being paid, no accounting showing the benefit calculations is being provided to the beneficiaries.Many of these beneficiaries had no knowledge that a policy even existed.The Center also found that there may be significant discrepancies with the way interest is being determined.The calculation of a life insurance claim payment can include several components.If that interest is not computed correctly, it can mean a big financial loss to the beneficiary.To date, California State Controller John Chiang has reached global settlements with 18 life insurance companies, with an aggregate value of $2.4 billion belonging to beneficiaries.