Which life insurance company is best in settling claims?

What happens when a person claims himself to be the only beneficiary, when infact he is not there are 3 others, to collect a life insurance policy..is this falsifying a document or fraud? he has let the insurance company believe he is the only one and is

• Answer:

  not Necessarily It is entirely reasonable for a person to believe in good conscience that they are in fact the only living beneficiary and begin proceeding with the collection and the on proof of relation learn that they are not. This was especially true during the later part of the 19th century when there was less ability of communication. The most likely guess is that they simply didn’t know better, and made an honest mistake. Usually with life insurance claims the people receiving the benefits are relatively elderly (hopefully) and therefore are more likely to suffer from memory loss or Alzheimer’s and therefore can’t necessarily be faulted for not knowing of some distant recipient. However, if they knew full well at the time they were contacted that there were others who would also be eligible to claim then there might be reason to pursue them for miss representation. There would only be a charge of falsifying a document if they used documents to show that there were no others. So long as the benefits are correctly divided and no significant money is spent to prove that others are eligible ($1000 is probably a reasonable breaking point) then let it pass. Usually with life insurance the eligible recipients are good friends or family so please don’t go wrecking relationships over pennies.