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    Procedure For The Payment of Proceeds

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    GLORILYN MONTEJO
    The procedure for payment of life insurance proceeds in the Philippines is as follows: 1. The beneficiary files a death claim with the insurance company by submitting proof of death like a death certificate. 2. The insurance company reviews the claim. 3. According to the Insurance Code of the Philippines, the insurance company must pay the life insurance proceeds to the beneficiary within 60 days of receiving the claim and proof of death, unless the claim is found to be fraudulent. Failure to pay within 60 days results in interest charges to the insurance company.

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    Procedure For The Payment of Proceeds

    Uploaded by

    GLORILYN MONTEJO
    47 views2 pages
    The procedure for payment of life insurance proceeds in the Philippines is as follows: 1. The beneficiary files a death claim with the insurance company by submitting proof of death like a death certificate. 2. The insurance company reviews the claim. 3. According to the Insurance Code of the Philippines, the insurance company must pay the life insurance proceeds to the beneficiary within 60 days of receiving the claim and proof of death, unless the claim is found to be fraudulent. Failure to pay within 60 days results in interest charges to the insurance company.

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    The procedure for payment of life insurance proceeds in the Philippines is as follows: 1. The beneficiary files a death claim with the insurance company by submitting proof of death like a death certificate. 2. The insurance company reviews the claim. 3. According to the Insurance Code of the Philippines, the insurance company must pay the life insurance proceeds to the beneficiary within 60 days of receiving the claim and proof of death, unless the claim is found to be fraudulent. Failure to pay within 60 days results in interest charges to the insurance company.

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    © All Rights Reserved
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    47 views2 pages

    Procedure For The Payment of Proceeds

    Uploaded by

    GLORILYN MONTEJO
    The procedure for payment of life insurance proceeds in the Philippines is as follows: 1. The beneficiary files a death claim with the insurance company by submitting proof of death like a death certificate. 2. The insurance company reviews the claim. 3. According to the Insurance Code of the Philippines, the insurance company must pay the life insurance proceeds to the beneficiary within 60 days of receiving the claim and proof of death, unless the claim is found to be fraudulent. Failure to pay within 60 days results in interest charges to the insurance company.

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    e) What is the procedure for the payment of proceeds from this kind of insurance?

    (10 points)

    FOR THE SLIDES


    Procedure for the payment of proceeds:
    1. Recipient files a death claim.
    2. Insurance companies Review the claim.
    3. Issue the payout.

    Explanation

    Life insurance benefits are provided to a policy’s beneficiaries when the policyholder
    dies. Recipients need to file a death claim with the insurance company by
    submitting a copy of the death certificate. Insurance companies then review the
    claim and issue the payout.

    Section 242 of the Insurance Code of the Philippines provides that the proceeds of a life
    insurance policy shall be paid immediately upon maturity of the policy, unless such
    proceeds are made payable in installments or as an annuity, in which case the
    installments, or annuities shall be paid as they become due: Provided, however, That in
    the case of a policy maturing by the death of the insured, the proceeds thereof shall be
    paid within sixty days after presentation of the claim and filing of the proof of the death
    of the insured. Refusal or failure to pay the claim within the time prescribed herein will
    entitle the beneficiary to collect interest on the proceeds of the policy for the duration of
    the delay at the rate of twice the ceiling prescribed by the Monetary Board, unless such
    failure or refusal to pay is based on the ground that the claim is fraudulent.

    The proceeds of the policy maturing by the death of the insured payable to the
    beneficiary shall include the discounted value of all premiums paid in advance of their
    due dates, but are not due and payable at maturity.

    To summarize, the Insurance Code ordered all life insurance companies to immediately
    release the proceeds of the life insurance to the beneficiaries within sixty (60) days after
    presentation of the claim and filing of the proof of death of the insured.

    Read more: https://business.inquirer.net/262369/payment-of-insurance-death-
    claims#ixzz6vs7gaNnx
    Follow us: @inquirerdotnet on Twitter | inquirerdotnet on Facebook

    Life insurance benefits are provided to a policy’s beneficiaries when the


    policyholder dies. Recipients usually need to file a death claim with the insurance
    company by submitting a copy of the death certificate. Insurance companies then
    review the claim and issue the payout.

    Sec. 242. The proceeds of a life insurance policy shall be paid


    immediately upon maturity of the policy, unless such proceeds are
    made payable in installments or as an annuity, in which case the
    installments, or annuities shall be paid as they become
    due: Provided, however, That in the case of a policy maturing by the
    death of the insured, the proceeds thereof shall be paid within sixty
    days after presentation of the claim and filing of the proof of the
    death of the insured. Refusal or failure to pay the claim within the
    time prescribed herein will entitle the beneficiary to collect interest
    on the proceeds of the policy for the duration of the delay at the rate
    of twice the ceiling prescribed by the Monetary Board, unless such
    failure or refusal to pay is based on the ground that the claim is
    fraudulent.

    The proceeds of the policy maturing by the death of the insured


    payable to the beneficiary shall include the discounted value of all
    premiums paid in advance of their due dates, but are not due and
    payable at maturity.

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