Duplicate Insurance Policy
Duplicate Insurance Policy – We have seen that life insurance policy document is only an evidence of a promise. Loss or destruction of the policy document does not in any way absolve the company of its liability under the contract.
Life insurance companies generally have standard procedures to be followed in case of loss of the policy document.
Normally, the office would examine the case to check if there is any reason to doubt the alleged loss. Satisfactory proof may have to be produced to believe that the policy has been lost and not been dealt with in any manner. Generally, the claim may be settled on the claimant furnishing an indemnity bond with or without surety.
If payment is shortly due and the amount to be paid is high, the office may also insist that an advertisement be placed in a national newspaper with wide circulation, reporting the loss. A duplicate policy may be issued for being sure that there is no objection from anyone else.