Mataracy
VIP Contributor
When a Life assured dies, the following requirements would be met before settlement could be made provided the policy is in full force at the date of death.
(1) Death Certificate
(2) Medical certificate of death duly completed by the doctor who attended the life assured at the time of his death. This firm is issued by the company on receipt of notification of death of the life assured. The information therein will be compared with those in (1) above.
(3) Evidence of age: If the age of the life assured has not been previously admitted to the policy, proof of age must be submitted to the company. Any of the following nay serve the purpose: birth certificate,baptismal certificate, sworn declaration of age, passport or certificate of identity etc.
(4) The policy document: The original policy document must be returned to the company before a claim is paid . Failure to return the policy may amount yo a constructive notice of assignment of the policy. Where the policy is lost or destroyed, a statutory declaration should be obtained yo that effect and the company should be adequately indemnified before payment can be made.
(5) Letter of administration or probate: where the policyholder dies instate (i.e without leaving a valid will) letter of administration should be produced to the company.
However, if the policyholder dues leaving a valid will a probate will be produced to the company. This is important as no life assurance company will pay any death benefit without, the production of any of the documents. The company must satisfy itself that the person or persons to whom it is laying, are legally authorized to receive the payment. To do otherwise, is to expose the benefit for a second time.
(1) Death Certificate
(2) Medical certificate of death duly completed by the doctor who attended the life assured at the time of his death. This firm is issued by the company on receipt of notification of death of the life assured. The information therein will be compared with those in (1) above.
(3) Evidence of age: If the age of the life assured has not been previously admitted to the policy, proof of age must be submitted to the company. Any of the following nay serve the purpose: birth certificate,baptismal certificate, sworn declaration of age, passport or certificate of identity etc.
(4) The policy document: The original policy document must be returned to the company before a claim is paid . Failure to return the policy may amount yo a constructive notice of assignment of the policy. Where the policy is lost or destroyed, a statutory declaration should be obtained yo that effect and the company should be adequately indemnified before payment can be made.
(5) Letter of administration or probate: where the policyholder dies instate (i.e without leaving a valid will) letter of administration should be produced to the company.
However, if the policyholder dues leaving a valid will a probate will be produced to the company. This is important as no life assurance company will pay any death benefit without, the production of any of the documents. The company must satisfy itself that the person or persons to whom it is laying, are legally authorized to receive the payment. To do otherwise, is to expose the benefit for a second time.
