Keeping our promises

One aspect of the terrorist attacks of September 11 has been given little media attention - the stellar performance of the life insurance industry in the face of the devastation. Morgan Stanley estimates that insurers will pay approximately $6 billion in life insurance death benefits to the benefici...

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Bibliographic Details
Published in:Advisor Today 2002-02, Vol.97 (2), p.26
Main Author: Reischl, Thomas C
Format: Article
Language:English
Subjects:
Advisors
Beneficiaries
Claims processing
Insurance industry
Insurance policies
Life insurance
Life insurance companies
Social responsibility
Terrorism
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Summary:One aspect of the terrorist attacks of September 11 has been given little media attention - the stellar performance of the life insurance industry in the face of the devastation. Morgan Stanley estimates that insurers will pay approximately $6 billion in life insurance death benefits to the beneficiaries of the victims of the Sept. 11 attacks. One example of how the industry has performed in this crisis is that no insurer has chosen to invoke a policy's war clause exemption to avoid paying claims. Additionally, the companies worked with insurance regulators to develop streamlined claim payment procedures, even going so far as to support the elimination of the requirement of a death certificate before benefits could be paid.
ISSN:1529-823X