Legal Question in Insurance Law in Ohio
Life insurance pay out.
My mother died in 1970 leaving an unclaimed insurance benefit for 35 years. When that benefit was paid out in 2005, Should it not have been paid out with accrued interest?
It was paid out at the value at her death in 1970.
Asked on 1/28/07, 9:51 am
2 Answers from Attorneys
Phil Sever
The Sever Law Firm
Re: Life insurance pay out.
The payout on insurance is typically governed by the contract. If the contract does not call for interest then typically interest will not be given.
Answered on 1/29/07, 12:38 pm
Willard Hanner
Hanner Law Firm
Re: Life insurance pay out.
It depends what the contract says.
Answered on 1/28/07, 10:00 am
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