Life Insurance Statutory Penalties
Maximize Your Life Insurance Benefits
Don’t let the insuance company get away with wrongfully denying your life insurance benefits. If you have experienced a wrongful life insurance denial there are Missouri Statutes that were created for your situation. They punish the insurance company for wrongfully denying your claim and make them pay interest from when you made such claim. Familiarize yourself with your rights and call an experienced attorney to fight for your life insurance benefits.
Vexatious Refusal to Pay Statutory Penalties
That statutory penalties for Vexatious Refusal to Pay, sometimes referred to as a bad faith claim, are outlined by Missouri Revised Statues, Section 375.420, which states:
In any action against any insurance company to recover the amount of any loss under a policy of automobile, fire, cyclone, lightning, life, health, accident, employers’ liability, burglary, theft, embezzlement, fidelity, indemnity, marine or other insurance except automobile liability insurance, if it appears from the evidence that such company has refused to pay such loss without reasonable cause or excuse, the court or jury may, in addition to the amount thereof and interest, allow the plaintiff damages not to exceed twenty percent of the first fifteen hundred dollars of the loss, and ten percent of the amount of the loss in excess of fifteen hundred dollars and a reasonable attorney’s fee; and the court shall enter judgment for the aggregate sum found in the verdict.
If your claim has been vexatious refused let our experienced life insurance attorneys fight to maximize your compensation. Don’t let the insurance company get away with denying your rightful life insurance benefits.
Obtain Interest on Your Wrongfully Denied Life Insurance Claim
In addition to statutory penalties for vexatious refusal, Missouri Revised Statutes Section 408.020 allows life insurnance policy beneficiaries to receive 9% per annum on all moneys after they become due and payable. Specifically, the Statute states,
Creditors shall be allowed to receive interest at the rate of nine percent per annum, when no other rate is agreed upon, for all moneys after they become due and payable, on written contracts, and on accounts after they become due and demand of payment is made; for money recovered for the use of another, and retained without the owner’s knowledge of the receipt, and for all other money due or to become due for the forbearance of payment whereof an express promise to pay interest has been made.
Our lawyers have experience with Vexatious Refusal claims and we have often times been able to obtain interest on wrongfully denied life insurance claims. Let our experienced life insurance attorneys fight on your behalf to maximize your recovery.
Hire an Experienced Insurance Claim Denial Attorney
Our results speak for themselves. Our experienced insurance claim denial attorneys have never lost a case. At Joseph & Eugene, LLC our lawyers handle cases throughout Missouri and Illinois. Don’t delay if you have been denied your insurance claim. Contact our knowledgeable lawyers today at (314) 881-8338 or send us an Insurance Denial question. We look forward to hearing from you. All communications are returned promptly.
Joseph & Eugene, LLC
222 South Central Avenue, STE 1003
St. Louis, MO 63105