Upon receiving notice of the death of the insured, Life Settlement Solutions obtains a certified copy of the officially recorded death certificate. Claims forms and information concerning the procedures of the carrier are collected and a claim package is prepared. Life Settlement Solutions then assists the investor with finalization and submission of the claim for death benefits to the carrier.
Insurance companies are required to pay promptly on policies, and many states impose interest and/or penalties on claims not paid on a timely basis. Based on management's experience, the collection period is approximately four to eight weeks from the date the death certificate is submitted to the insurer.
