my son is a beneficiary on a life insurance policy and is in a detention facility till May 3rd. Can I use a power of attorney to sign the paperwork .
Question Details:
my son is in a detention facility and has been named as a beneficiary on a life insurance policy would the best way to handle this be to get a power of attorney or just wait till the May 3rd,2010 release date. The death occurred on December 31, 1999. Is there a time limit regarding a claim?
Yes, if the insurer has sent you claim forms in order to get the proceeds. Interest is also payable from 30 days after the death. If the insurer has not agreed that the proceeds are payable, it is probably a good idea for you to contact a lawyer who knows something about dealing with insurance companies.
If you haven't made a claim yet, you might first check the State Controller's Office to see if the funds escheated to the state. Banks and insurers must turn over funds to the State , where the rightful owner cannot be found.
This is in addtion to immediately making a claim with the insurer. More than 9 years is far too long to wait. Also the lawyer you use may find that the insurer had no good reason to delay, and this could result in additional recovery for you. Good luck.
What you are indeeds correct to be concerned with first off is if there is a time limitation for collecting on the policy. The policy itself may in fact state that there is a time limit for submission of a claim to the insurer or to bring an action on the policies. If this is allowed may depend on when the beneficiary first became aware of the policy, etc., and your local law.
Yes, a valid Power of Attorney would probably suffice for the execution of the documents regarding the policy. Again, you need to ask the claims representative for the insurance company as to what they require.
There will also be an issue as to interest on the proceeds so be aware of that. You should seek legal help once you have all the documentation. Good luck.
