The Standard Denied Long Term Disability Lawsuit
Like other insurance companies, the Standard Insurance Company has faced claims of wrongly denied insurance claims and using questionable tactics to deny legitimate claims. In cases where Standard Insurance—or any insurance company—has wrongfully denied or delayed payment of an insurance claim, policyholders have the right to have that decision reviewed, either with the insurance company or in the courts. Although in some cases the denial is based on legitimate errors on the part of the insurance company, in other cases the denial could be the result of bad faith insurance.
The Standard Long-Term Disability Insurance Denials
Insurance companies are legally required to uphold their end of an insurance contract, including paying out benefits as promised in the policy. They are also legally required to act in good faith, meaning legitimate claims must be paid willingly and promptly. Failure to do so could result in an appeal and/or a lawsuit being filed.
The Standard ERISA Claims
As such, policyholders who are filing an appeal of an improperly denied claim should consider speaking with an attorney about the best way to present their appeal.
Insurance policies that are not purchased as part of an employee benefits package are not covered by ERISA. In such cases, the policyholder may be able to file a lawsuit as soon as the insurance claim is denied, depending on the specific contract.
The Standard Denied Disability Lawsuit
The Standard Insurance Company
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THE STANDARD DENIED LTD LEGAL ARTICLES AND INTERVIEWS
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Really Wonderful right? Well not so fast, I was trying to figure out why I did not get an increase yearly? At least not very much with a 6% COLA factor. I looked at all the previous years COLA factors they all start with a "1.", now how can that be? I looked at the COLA's for that time period that Social Security provides (Standard uses this), and I looked at the CPI-W fior the time period and they both are anywhere from 0 to 6% and when I do the calculation in my policy they are off, a lot less?
When I was doing the calculations I realized (been too sick before to see this) they had not been paying a compounded COLA, WOW, plus they have been paying the COLA on my NET, after they take out the offsets? Crazy by default in my mind it is on the GROSS. Not on the NET, that can change during the year as offsets come and go? One of my policy statement is the COLA can not go down in the year, mine does three times?
Before I purchased the Optional Plan B policy I went to a benefit presentation where Standard had a representative there to show how lucky we are with a 6% COLA, and it was compounded on the GROSS Long Term Disability Benefits, he actually worked out an example to show us how great the COLA factor was and that high percentage of people are disabled at sometime for 3-5 years In their lifetime.
My problem is to get Standard to pay the enormous difference since 2002, I am currently appealing, their last denial stated they calculated the COLA correctly? Not right....
Check your COLA factors (get the same documents Standard uses for the COLA's and for the CPI-W if it's used in the calculation.) Plus, make sure the following is true if your policy states it.
1. The COLA needs to be paid on the GROSS Long Term Disability Benefits.
2. Absolutely needs to be a compounded COLA, that means each year the new COLA is added to the Long Term Disability Benefits Total.
Just like when you receive a COLA at work or Social Security it's added to your existing benefit for ever, it's not gone the next year. Only adding it for the current year then a new COLA is added, Crazy.
My suggestion is to look at your COLA calculations, follow the statements in your Cost of Living section in your Policy.
The only statement I have for compounding and add to the Gross Long Term Disability Benefits is -
"Your Long Term Disability Benefits becoming payable under Plan B after you are eligible a COLA Benefit are increased by the COLA factor
in effect for the current. "
There are other statements but this is the important one, it's very convoluted I think it is specifically hard to understand as Standard Insurance definitely has a Conflict of Interest.
Please check your policies, let me know if you have an issue I'm definitely curious to know how many people have overlooked the COLA calculations and have an issue. Thanks