Simple Letter Solves Problem
By Pace Law | April 18, 2012
by Toronto Lawyer Allan Chapnik: Yesterday, over the phone, a potential new client told me that his mother had passed away and the insurance company refused to pay out on the credit insurance she had on a loan from the bank. They said it was because she died within 12 months of the loan (and the matching insurance) being granted. The problem was, the loan only had a 12 month term, and was in fact the third or fourth 12 month renewal of an older loan. It sounded like a great way to collect insurance premiums but never pay out.
I met with the guy today. He brought the insurance policy with him. It turns out it has a perfectly fair provision for loan renewals – only the insurance adjuster wasn’t aware the loan was a renewal, and didn’t know to apply it. So, instead of taking him on as a client, I helped this guy write a nice letter to his insurance company pointing out their oversight. I fully expect the insurance money to be paid out right away.
I’ve never been so happy not to be retained.
Injured in an accident? Pace personal injury lawyers are standing by to help you now. Contact us if you have any questions.