Forgery on a Policy

[ksigmtsu]

If a life insurance policy has a forged signature on it, and the policy proceeds have been paid is there any recourse to get the agent punished or get the insurance company to attempt to seize the funds back from the person it was paid out to?

How would you go about reporting something like this?

 

[somarco]

When was the policy issued? Did the "insured" die within 2 yrs of issue?

 

[VolAgent]

Unless you are directly involved in it, I would recommend staying clear of it. No good deed goods unpunished.

 

[ksigmtsu]

Unless you are directly involved in it, I would recommend staying clear of it. No good deed goods unpunished.

It was a policy taken out on a family member, he was murdered after the policy was taken out.
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When was the policy issued? Did the "insured" die within 2 yrs of issue?

Not 100% sure. I think the policy had been in force over a year, possibly 2. It might be past contestability.

In either way, could something be done to turn in the agent that was involved in writing the policy, and would the company have recourse against this agent?

 

[Crabcake Johnny]

I've always been under the impression that it's 2 years except in cases of fraud.

If someone fakes their death on a 1 million dollar policy that pays out and 5 years later he's found you'd better bet that 1 million's coming back.

 

[somarco]

SOMETIMES the carrier can come back beyond 2 yrs. They WILL fight if the amount is large enough and they can prove there was fraud.

If the killer is the beneficiary, they won't be entitled to the proceeds. If the "forger" is in any way tied to the killing, they will not get the proceeds.

 

[ksigmtsu]

No one has ever been charged in the murder. There were 2 policies, both in excess of a million. One had been in force for several years, the other was a 10 year term non-med from my understanding but I haven't seen the policy.

The wife apparently knew this might be an issue and she agreed to put the policy into a trust that could only be spent on the surviving child for his expenses, she is not permitted to spend the money on herself in any way. However, being a non-moron, I assume that she could spend it on household bills, a car, house payments, food, or anything she could say could possibly be even distantly related to the purpose of child care.

The policy is an obvious forgery even to a non-expert about handwriting. My assumption is that my uncle never knew the policy was taken out, it was over 1 million face in non-med term that had a premium of over 1000 per month. He had sleep apnea with a cpap and was around 6'6 280. Seems like he had HBP too.

He would have never paid for that amount of insurance for that cost.

I know the agent that did it, he's my old elementary school principal.

I've literally been trying to figure out how to approach this for a year but I have no ideas as to the correct response to it. It drives me f-ing nuts that the agent got to make a profit off selling a policy with a forged signature to my uncle's wife before he was murdered.

 

[somarco]

You need to leave this alone unless you can figure out a way to make an anonymous tip to the carrier. Making allegations like that can create more trouble for you than it is worth.

A policy of that size would require a physical exam. Even if the app had a forged signature, they would have to have a stand in for the physical who also had a fake ID.

That is a lot of work to go through, and requires someone that knows how to game the system then wait until enough time had passed so as not to make it appear suspicious.

Was death ruled accidental or homicide?

 

[ksigmtsu]

You need to leave this alone unless you can figure out a way to make an anonymous tip to the carrier. Making allegations like that can create more trouble for you than it is worth.

A policy of that size would require a physical exam. Even if the app had a forged signature, they would have to have a stand in for the physical who also had a fake ID.

That is a lot of work to go through, and requires someone that knows how to game the system then wait until enough time had passed so as not to make it appear suspicious.

Was death ruled accidental or homicide?

The physical exam they used was his DOT physical that had just been performed. He did not have an insurance physical performed from best of everyone's knowledge, I still don't understand that part myself.

Homicide. He was shot in the back of the head in his home.

 

[bill3173]

Unless you are directly involved in it, I would recommend staying clear of it. No good deed goods unpunished.

No kidding. I wish I hadn't even read about it. Open up a can of worms like that, and you'll be the one in trouble.