I thought of this scenario years ago, wondered about it for awhile, forgot it, and now its part of a story:
— man buys 1,000,000 UL life policy from major US insurer, pays premiums beyond contestable and suicide exclusion period;
— man calls insurer's claim line to request the paperwork for his death claim be sent to his beneficiary so that they may expedite receipt of proceeds: he explains he wants to make things tidy for his heirs. When queried as to his health, he explains he plans to commit suicide after finishing arranging his affairs, such as the insurance policy.
— question: I assume the claims clerk would forward the call to a supervisor and eventually to a claims officer; I also assume someone would ask the man about his reasoning, and when he replied that his collapsed personal finances were the determining factor in ending his life, someone might involve an actuary or risk manager to make him an offer for his policy. Thinking: it is better to pay 700,000 (or some other figure) today rather than 1,000,000 tomorrow.
How reasonable is that scenario?
Insurance Life Claims Officer or HO Attorney
— man buys 1,000,000 UL life policy from major US insurer, pays premiums beyond contestable and suicide exclusion period;
— man calls insurer's claim line to request the paperwork for his death claim be sent to his beneficiary so that they may expedite receipt of proceeds: he explains he wants to make things tidy for his heirs. When queried as to his health, he explains he plans to commit suicide after finishing arranging his affairs, such as the insurance policy.
— question: I assume the claims clerk would forward the call to a supervisor and eventually to a claims officer; I also assume someone would ask the man about his reasoning, and when he replied that his collapsed personal finances were the determining factor in ending his life, someone might involve an actuary or risk manager to make him an offer for his policy. Thinking: it is better to pay 700,000 (or some other figure) today rather than 1,000,000 tomorrow.
How reasonable is that scenario?
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