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What Can Delay Life Insurance Claims
Claims making and payment are the most challenging aspects of life insurance and indeed any area of insurance. Often times, prospective insurance buyers do not take time to do all that are expected of them at the point of buying the life insurance. Life insurance claims occur when an insured person passes away. And if one understands what is involved during the claims process, then he can help prevent any delays in payment. There are a number of factors that can cause delays in a claim being paid and knowing what these factors are can help you make the claims process happen much faster and avoid any delays. Life insurance is purchased to provide financial protection for those left behind and when you purchase this coverage you want the benefits to be available as soon as possible to avoid any financial hardships. Life insurance claims involve a number of steps and during each step any mistakes or omissions can cause a delay, which could be short or take months to redeem, depending on the specific reasons for the delay. The first step is to locate the actual policy, which has information that will be needed. Look at the policy to determine the life insurance company that is on the policy and then contact the insurer. Usually the policy will contain all the relevant information on who to contact regarding a claim. If you can not locate the policy but know the company who offered it then you can call the company and explain the situation.
The next step for life insurance claims is to fill out the claim form. This is usually sent by the life insurance company. This step is very important and the form should be filled out completely and as comprehensive as possible. If you do not know the answer or it does not apply make sure it is clearly written in the answer space. Do not leave any questions blank, because this will delay the claim payment while the company investigates the answer. It is also very helpful to have the policy number, because this will make the life insurance claims process go much faster. If you are not sure of an answer or do not know, you can call your insurance agent, your broker or the life insurance company. They may be able to look up any missing information if it is in the database and providing this on the claim form may prevent any unnecessary delays. Another important part of the life insurance claims process is the death certificate. After you have filled out the claim form completely, you will need to get a certified copy of the death certificate for each claim being sent in. It may be a good idea to call first and determine where to go to get this certificate. You may be able to get the needed copies from the hospital if one was used, or you may have to go to either the local government that the deceased resided in or the state where the death occurred. A claim without a certified copy of the death certificate may be delayed or even denied. Once you have the required death certificate, send it together with the completed life insurance claims forms to the life insurance company. These tips can help you avoid any delay in the claim payment. However one topical question to ask is when does an insurance claim delay becomes an insurance claim dispute. It is only disreputable insurance companies that apply delay tactics to frustrate claimants. And this is based largely on the premise that by forcing you to wait for settlement of your claim, you will eventually give up. Giving up translates to less or no money for the claim payment and thus more money for the insurance company. This unholy practice used to be in place in Nigeria when we had over hundred insurance companies with some of them unregistered and unregulated. In furtherance of this endeavor, carriers will utilize a variety of tactics to delay your claim through a process dubbed "claim management". Insurance consumers must arm themselves with sufficient knowledge to identify the difference between legitimate insurance claim investigations and illegitimate claim delays. An insurance company has a right, a duty in fact, to conduct insurance claim investigations. The key here is that the investigation must be reasonable and timely. Insurance policies require that the insured must cooperate with the carrier in matters concerning a claim. These conditions are generally included in the petition. Accordingly, it is reasonable for your insurer to ask you for specific documents or items related to your claim. By all means, it is advisable to comply with requests for relevant information and data. Likewise, it is important to cooperate with the insurer’s request, including your recorded statement, proof of lost documents which must be supported with affidavits. If one fails to comply with these reasonable requests, such a person may be putting himself in jeopardy of a lengthy investigation and a probable claim denial. Some of the delay tactics that insurance companies utilize include confirmation of coverage. Your adjuster may cling to some little issues as "confirm coverage" which is based on the terms of the insurance policy. Flawed, faulty, or unfair policy interpretation is also one of the more common examples of unfair tactics insurance companies often use to delay claims. This process is frequently no more than a search for reasons not to pay claims. Requirement for a follow-up recorded statement is another plot. In a legitimate claim, follow-up statements should not be necessary. While the adjuster has the duty to properly investigate the claim, he also has the obligation to keep you abreast of the status of your insurance claim. If a claimant is experiencing to the level that he is continuously told that "the claim remains under investigation", then one should assume that a problem of denial was looming. In making claims, investigations are crucial to the final outcome, one of which is referral to the special investigations unit. Such referrals are legitimately a means to investigate potential insurance fraud. However illegitimate referrals represent a process designed to avoid payment of insurance claims. One other trick of insurance companies is examination under oath. This is a formal proceeding taken under oath and is usually convened when the carrier legitimately requires additional detailed information from the policyholder in order to make a coverage decision. When such is used illegitimately, it is aimed at unfairly targeting claims for denial. In either event, if you are called for an examination under oath, it means there is a problem with your claim. Having known these, it is instructive to be on the alert while also considering stand by solution to any such delay tactics. One of the ways to frustrate such evil plots is to continue to cooperate, no matter the approach of the insurer to frustrate you. It is better to assume the position that you have cooperated to the fullest extent possible. This places additional burdens on the insurance company. This is more so as they cannot argue that their processes were delayed solely because you "failed" to cooperate. It is also important that you call the adjuster frequently, behaving courteously as you do. In doing so, always be prepared to ask specific questions about the progress of your claim rather than engaging in boring conversation. Always offer to provide any additional information needed. An insurance company’s failure to properly conclude your legitimate insurance claim suggests the essence of unfair claims handling. Document all activities in anticipation of unfair settlement offers or an outright denial in case your claim delay has qualified as a claim dispute.
The .ng domain name, Nigeria’s country code top-level domain (ccTLD), is the nation’s critical resource in the digital space, says Adesola Akinsanya, the president of the Nigeria Internet Registration Association (NiRA).
Akintola Owolabi, Professor of Cost and Management Accounting at Lagos Business School (front – third from left; Adesola Akinsanya, the president of the Nigeria Internet Registration Association (NiRA) (Front – fourth from right), flanked by members of EBOD and Management Team of NiRA during a training programme at LBS.
The .ng domain extension is unique to Nigeria, and it can give businesses a strong local identity.
This can help establish trust with customers, which is especially important for businesses that rely on local customers.
Mr. Akinsanya made the comments at NiRA Executive Board of Directors (EBOD) and Management Training held at the Lagos Business School (LBS).
The NiRA Executive Board and Management Training at LBS spanned a series of intensive interactive sessions designed to address critical challenges and opportunities in the digital domain.
The training program emphasized the importance of strategic vision, ethical decision-making, and resilience in the face of digital disruptions.
Participants gained insights into global best practices in digital governance, risk management, and leveraging digital technologies for business growth and societal impact.
Mr. Akinsanya, highlighted the significance of the collaboration with LBS, stating, “The NiRA EBOD/Management Training at LBS underscores our commitment to fostering a robust digital ecosystem in Nigeria. It equips leaders with the expertise to address complex digital challenges especially in accounting and financial management while harnessing the immense opportunities of the digital age.”
The program featured distinguished speakers, industry practitioners, and faculty members from LBS, providing a holistic learning experience enriched with real-world case studies and practical insights.
Participants commended the program for its relevance, depth of content, and interactive learning approach, noting its immediate applicability to their roles and responsibilities.
The NiRA EBOD Training at LBS represents a milestone in advancing digital leadership and governance in Nigeria.
“By equipping leaders with cutting-edge knowledge and strategic insights, the program contributes to building a resilient and innovative digital ecosystem that drives sustainable growth and societal development, especially from NiRA perspective. We must fashion out ways of increasing .NG domain name adoption which is our national pride in the digital space”.
Speaking further on why Nigerians and businesses should adopt the .NG domain name, the NiRA president said, “.NG domain name gives your brand special recognition both on and offline.
“Using a .ng domain name can help your business stand out in the Nigerian and global market. It is a great way to differentiate your brand from competitors and establish a unique identity. A .ng domain name is easier to remember, which can make it more likely that customers will return to your website in the future”, he said.
“It instantly communicates to internet users that your business is located in Nigeria. This can be especially helpful if you operate in a niche or industry where location is important to customers”, the NiRA boss added.
He added that Google and other search engines prioritize local content in search results, hence using a .ng domain name can help improve your website’s search engine ranking for local searches.
Climate Action Africa (CAA), a leading advocate for climate resilience and sustainable development, has announced the opening of applications for the Deal Room at the 2024 Climate Action Africa Forum (CAAF24). The Deal Room is a groundbreaking platform that aims to connect high-impact climate innovators in Africa with potential investors seeking to accelerate sustainable solutions.
The CAAF Deal Room is a strategic initiative that aims to create opportunities for innovators in the climate-tech domain focusing on emission reduction, energy, agriculture, transportation, circular economy, and building and construction.
The goal of the Deal Room is to select finalists who will have the opportunity to pitch their innovative ideas and solutions at the upcoming 2024 Climate Action Africa Forum, which will be held on June 19th in Lagos, Nigeria.
The Deal Room aims to boost investments in Africa’s green economy by galvanising a community of innovators, entrepreneurs, and investors to create applicable solutions that can mitigate the challenges of climate change on the African continent.
The Deal Room session will facilitate financing for solutions contributing to the growth and sustainability of Africa’s green economy. These deals may encompass prize money, equity plans, debt financing, mergers and acquisitions, and other investment options.
“Through the CAAF24 Deal Room, we aim to bridge the critical gap between promising climate ventures and the essential resources they need to thrive,” says Grace Oluchi Mbah, Co-founder and Executive Director of Climate Action Africa (CAA). “By facilitating connections between passionate entrepreneurs and dedicated investors, we can collectively unlock the immense potential of climate solutions in Africa.”
The eligibility criteria for applying include:
● The company must be African-owned and operate in any of the 54 African countries.
● It must be a for-profit company, between 1-5 years post-incorporation, post-MVP (minimum viable product), and post-GTM (go-to-market).
● The company should leverage digital technology to deliver its business model.
● Female ownership is an added advantage.
Those eligible to apply include venture capitalists, impact investors, climate tech startups, Green SMEs (small and medium-sized enterprises), philanthropic organisations, and government representatives.
Following the CAAF24 deal-room will be a post-event accelerator in partnership with the Silicon Valley-based Founder Institute and IDEA Africa. This Africa-wide initiative is specifically designed to further accelerate and enhance support for promising Climate Tech startups and founders who participated in the Deal Room.
The official unveiling of this accelerator will take place at the Climate Action Africa Forum 2024 (CAAF24), marking a significant step forward in driving Climate Tech innovations throughout Africa.
Applications for the CAAF24 Deal Room are open from April 22nd until May 17th. Interested applicants can register at https://deal.caaf.africa/register.
The Lagos Chamber of Commerce and Industry (LCCI) has said that the government needs to simplify and harmonize trade procedures and address bottlenecks in order to boost economic growth in the country.
President of LCCI, Mr. Gabriel Idahosa, gave the charge at a Quarterly media briefing on the State of the Economy yesterday in Lagos.
He said that the government has to create an atmosphere that promotes export growth and competitiveness, which is projected to boost export earnings, raise domestic revenue, improve citizens’ welfare, and increase business productivity.
“We recommend that reforms must include simplifying and harmonizing trade procedures as well as addressing bottlenecks such as port logistics, congestion, and transportation costs. This is expected to position the country as the commercial centre of the region and a springboard into regional value chains,” he stated.
On managing the persistent high inflation, the LCCI president said both monetary and fiscal authorities should focus on the factors driving the inflation rates by tackling the supply-side deficiencies instead of focusing too much attention on the demand-side management.
“We urge the Central Bank of Nigeria (CBN) to continue with its foreign exchange (forex) market reforms with intense discipline, as the high exchange rate against the naira is a major driver of the skyrocketing inflation rates.”
Idahosa acknowledged the improvement in the naira exchange rate in the last few days, moving towards the level of N1000 per dollar or lower.
“CBN needs to sustain its policy and regulatory reforms in the FX market, adopt policies that would attract more FX inflow into the economy as well as build market confidence in the performance of the FX market,” he added.
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