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Can accident claims be rejected due to undisclosed policies?
Mint Kolkata
|May 16, 2025
I'm sorry to hear about your friend's tragic passing and the difficulties his family is facing with the claim rejection.
Let's look at this from an insurance regulatory and underwriting perspective.
When someone applies for a life insurance policy, they enter into a contract based on the principle of utmost good faith, which requires full and truthful disclosure of all material facts. This includes details of any existing, recently purchased, or recently lapsed life insurance policies, as these can significantly influence the insurer's risk assessment and underwriting decision.
Why is this disclosure crucial? Insurers assess the total life cover a person is eligible for using the Human Life Value (HLV) formula, which factors in age, income, liabilities, and existing cover.
This story is from the May 16, 2025 edition of Mint Kolkata.
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