Liberty Life (insurance) Español
2. Payment of benefits
In the event of the occurrence of the risk provided for under the policy, the insurer will pay the policyholder or the named beneficiary or beneficiaries, as may apply, the contracted benefit at its registered offices once the corresponding claim has been handled.
The insurer, within a maximum period of five days from the date in which the paperwork is completed, must pay or allocate the contracted benefit.
If within three months of the occurrence of the claim the insurer has not paid or allocated the amount without justified cause or for reasons imputable to the insurer, it will be deemed to be in default pursuant to the terms and with the effects set forth in Article 20 of the Spanish Insurance Contracts Act.
Beneficiaries of the insurance policy, in the event of death of the insured, can request an advance on the sum insured before the required paperwork is complete with the following limits and only under the following circumstances:
- As an initial aid for burial costs the insurer may concede an advance of 10% of the sum insured for death, with a limit of 3,000 euros, upon presentation of a certified copy of the death certificate.
- Once the insurer authorises the claim payment, it may concede an advance of 3,000 euros maximum to help with administration costs and tax payments.
3. Loss adjustment proceedings