Posted by (American Life Insurance Guide 06/22/2023 News)Recently, OceanGate's Titan submarine disappeared while exploring the Titanic shipwreck site in the North Atlantic Ocean. There were five passengers on board the submarine, including some well-known rich men and experts. media headlines. U.S. and Canadian search and rescue teams are now working at full capacity after the Titan submarine and its occupants went missing.
Accidental Deep Sea Adventure Sightseeing Diving Equipment @Credit AP/NPR
Regal Explorer Team Tour
Most notable among the passengers was OceanGate CEO Stockton Rush, who was the mission's pilot. Rush is an entrepreneur with an adventurous spirit. His company OceanGate focuses on the development and application of deep sea exploration technology.
This image shows the interior of the Titan submersible, courtesy of OceanGate Expeditions in 2021. (@AP)
Another passenger was British adventurer Hamish Harding. Harding is a businessman based in Dubai, UAE, with extensive experience in the adventure sector.He once held three Guinness World Records, including the longest stay at the lowest point of the Mariana Trench in a manned submarine.In June 2022, he also blasted into space aboard Blue Origin's New Shepard rocket.
Also among the passengers were Shahzada Dawood, a well-known business family member from Pakistan, and his son Suleman. The Dawood family has investments in agriculture, industry, and health, and Shahzada Dawood sits on the board of the California-based SETI Institute, which focuses on the search for extraterrestrial life.
Also among the passengers was Paul-Henry Nargeolet, an expert on the Titanic. Nargeolet was a French explorer who led several expeditions to the site of the wreck of the Titanic.
Can Missing Persons Claims Be Claimed?
In our daily life, we may encounter various unexpected events, some of which may be the disappearance of loved ones.In the case of such a missing person, how should the life insurance claim be settled?Is the claim process complicated?
This article will take the disappearance of the Titan submarine of OceanGate as an example to explain how to make a life insurance claim after the disappearance.
- Understanding the terms of insurance:Before starting the claims process, you first need to understand the terms of your insurance.Most life insurance contracts have a disappearance clause.Typically, if the insured does not show up for a certain amount of time (usually 7 years) and there is no evidence that they are alive, they can be declared dead and the claims process begins.
- Provide the necessary documents:Before starting the claims process, there are some necessary documents that need to be provided.This may include missing person identification, insurance contracts, missing persons reports, etc.In the event of a Titan disappearing, OceanGate may be required to provide identification of the passenger, the passenger's insurance contract and an official report on the Titan's disappearance.
- Waiting to be declared dead:In most instances,The insured must be declared dead before the claims process can begin.This usually requires a certain amount of time to wait.During the waiting period, the insurance company may conduct an investigation to confirm the disappearance of the insured person.
- To submit a claim claim:Once the insured person is declared dead, the filing of claims can begin.This usually involves completing a claim form and providing all necessary documentation.
- Waiting for the claim result:Once a claim is submitted, the insurance company will review the claim.This may take a while.During the review, the insurance company may request additional information or documents.
In the case of the missing Titan submarine, the claims process may be more complicated because it was a multi-country incident.Also, since the Titan submarine passengers are paid "mission specialists," their insurance contracts may differ from typical life insurance contracts.Therefore, the claims process may need to involve more legal and contractual issues.
In general, making a life insurance claim after a disappearance is a lengthy process that requires understanding the terms of the insurance, providing the necessary documents, waiting for the insured to be declared dead, filing a claim, and waiting for the outcome of the claim.The help of life insurance companies, life insurance financial advisors, lawyers and other professionals is very important in this process.
When dealing with the pain of a missing loved one, the claims process can seem even more difficult.
However, understanding this process and obtaining professional help can make this process smoother and help us better protect ourselves and our family's rights and interests in the face of difficulties.
Finally, we have to remember that while life insurance can provide financial security, it is not a substitute for thinking about our loved ones and praying for their safety.In the case of the missing Titan submarine, we wish all passengers a safe return and we pray for their families that they find strength and comfort during this difficult time. (full text)
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