Claim Insurance | When To Claim Insurance
My other brother finally blogged something that is both ‘interests’ us and both ‘beneficial’, what was it? How to Claim Insurance!
The topic of claiming for insurance caught my attention. Why? Well aside from that I am insured (life insurance) and my eldest son too (educational insurance), the hot hot topic of claiming and insurance will surely benefit someone out there in the internet who is looking for more information about insurance… specially claiming them.
Different Kinds of Insurance
There are many kinds of insurance. I could list them all here and it may take along time with explanation for each, so I’m not going to do that.. Instead I’ll point you to my brother’s ‘A LAW A DAY‘ blog who really talks about INSURANCE in details.
But still, let me name a few. There life insurance, educational insurance, there’s also a group insurance, car insurance and other non-life insurance.
Claim Insurance
In my case, which as I mention before, I have a life insurance and educational insurance for more son. How to claim them? There are two ways:
1. When the insured Outlives Maturity Due
The claim is payable immediately on maturity of the policy. This is true in “Endowment Insurance”
2. When Policy Matures by Insured’s Death
The claim is payable within 60 days after the presentation of the claim and filing of the proof of death of the insured. Delay entitles the insured to damages double the legal rate of interest per annum as fixed by the Monetary Board, unless the delay is due to a fraudulent claim (Section 242, Insurance Code)
Got that? 
Take note of it. 
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