Life and Disability Insurance Dispute Attorneys Helping Louisville Clients
Strong advocacy for beneficiaries of Kentucky life and disability insurance policies
You might think that a life insurance claim is straight forward. The policyholder passes away and their beneficiaries receive the proceeds from the policy, for which the deceased had been paying premiums for decades. This transaction happens for thousands of people each year, and most life insurance companies pay out on most life insurance policies. However, there are those occasions where the insurance company withholds the proceeds of an insurance policy, which is confusing for the beneficiaries and a source of much frustration and stress.
At McWherter Scott Bobbitt, our insurance dispute attorneys fight for clients who have already suffered the devastating loss of a loved one, and now they feel that the insurance company is not doing the right thing. Whether their claim has been delayed, offered an unfairly low settlement or their claim was outright denied, we review your policy documents, and work with the insurance company to make sure that you receive the proceeds of your policy and any additional damages due to you.
Kentucky life insurance companies
Here is a list of a few of the life insurance companies that serve our clients in Louisville and throughout the state:
How does Kentucky insurance law protect my policy?
State law governs and regulates the insurance industry, and each state is responsible for protecting consumers from unscrupulous business practices. The Kentucky Department of Insurance is responsible for oversight of the insurance industry in Kentucky, and Chapter 304 of the Kentucky Revised Statues contains the primary body of law along with the common laws that regulate the insurance industry.
The mission of the Kentucky Department of Insurance is to "promote sound, competitive insurance markets, protect the public through effective enforcement regulations, and empower the public through outreach and education." The insurance department website has a form where consumers can file a complaint against an insurance company, or report insurance fraud.
Additionally, the state of Kentucky has established a guaranty association, which is made up of all licensed life, accident and health insurance companies in the state. If a member of the association is found to be insolvent, the guaranty association will protect policyholders up to policy limits. The guaranty association gets its funding from a tax that the insurance companies pay, which funds the insurance department and it guarantees payments to policyholders.
What are exclusion clauses in life insurance policies?
A life insurance policy does not cover every way a person can die. They typically have exclusion clauses, which delineate those forms of death that the policy excludes. For example, many insurance policies will not pay if the deceased committed suicide. Another common exclusion is if the policyholder dies too soon after the policy is taken out. Some policies have a two-year waiting period. If you were to die jumping out of an airplane, the policy may not cover your death, and if it turns out that you died of a terminal disease and did not disclose it, your beneficiaries may not receive the proceeds of the policy.