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May 2014 Archives

Life insurance payouts and slayer statutes add to family's burden p2

We are discussing a court decision involving the life insurance policies of a family in Washington state. No, the case did not come out of Florida, and let's hope nothing like it ever does. The situation is both heartbreaking and mind-boggling.

Life insurance payouts and slayer statutes add to family's burden

When Miami businessman Ben Novack Jr. died, his estate was worth about $10 million. He left everything to his wife, Narcy, but five years later, family members are still arguing over the will and its validity. And, the estate is worth much less, according to court documents -- as little as $4 million.

It's just that simple: Insurer denies claim on procedural grounds

An interesting and sad case crossed our desk this week. It concerns a case from outside of Florida that turned on an insurance rule that applies wherever you are: If you abide by the terms of the policy, the insurance company will consider your claim. Otherwise, the insurance company can deny the claim, and every court from the Atlantic Coast to the Pacific Coast will find the denial reasonable.

OK, pal, I'll put a c-note on Normal to Below Normal at 2 to 1

The hurricane season is around the corner, and the heavy predictions are coming in. The National Oceanic and Atmospheric Administration said this week that 2014 will see normal to below normal tropical cyclone activity in the Atlantic. The season officially runs from June 1 to November 30.

So when you say 'explosion,' what exactly does that mean? p3

Insurance is a picky business. Insurers write policies that look generous but are, in fact, fairly narrow. For example, an insurer or agent may use the term "all peril" when referring to a homeowners policy. The average person would understand that to mean all perils: hail, famine, war, lightning, a terrorist attack and so forth. Any damage to your home caused by anything under the sun will be covered.

So when you say 'explosion,' what exactly does that mean? p2

An insurance company has prevailed in an unusual dispute with a Florida condominium owner. The woman filed a claim with State Farm Florida Insurance Co. after an unpleasant incident in the unit above hers. Her upstairs neighbor died, and the body was not discovered for a couple of weeks. By that time, the body had decomposed to the point that the abdomen had ruptured, allowing bodily fluids to escape.

So when you say 'explosion,' what exactly does that mean?

We cannot say it often enough: Read your insurance policies carefully. If you have a claim, follow the instructions laid out in the policy for filing that claim. And when you purchase a policy, carefully go through what it covers and what it does not cover.

When your insurance company doesn't fulfill its obligations

Most Americans are aware of the importance of homeowner's insurance, health insurance, car insurance, and life insurance, but when it comes to disability insurance there seems to be a bit more of a disconnect. There are a variety of reasons for this, but the bottom line is that not enough Americans have the coverage they need if they end up becoming disabled.