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Question If there is a delay in a life insurer paying the death benefit to the beneficiary when a death claim is made, is the beneficiary entitled to any interest on the death benefit?

Answer Yes. The Insurance Law requires that interest computed daily at the rate of interest currently paid by the insurer on proceeds left under the interest settlement option be paid from date of death to date of claim.

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Life Insurance Resource Center

Comprehensive information about life insurance from the Insurance Department's Life Insurance Resource Center
URL: http://www.dfs.ny.gov/insurance/clife.htm

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