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Life insurance policies in Sharjah and the wider United Arab Emirates (UAE) are governed by a set of regulations comprehensively stipulated by the Insurance Authority of UAE. The regulations exist to protect the rights and interests of the insured parties and their beneficiaries. Life insurance ensures financial security in the event of the policyholder's demise or in some instances, if the person is diagnosed with a critical illness.
In many circumstances, you might require the services of a legal professional. Some of these situations include: disputes with the insurance company regarding policy interpretation, payout denials, or if you desire legal advice when purchasing a life insurance policy. Specialist lawyers can help you understand the terms of your policy, any tax implications, and any legal issues that may arise.
UAE's Federal Law No. 6 of 2007 governs insurance policies including life insurance in Sharjah. The law sets out the rights and duties of the insurer and the insured, and imposes heavy penalties for non-compliance and fraudulent practices. Additionally, the Board of Directors' Decision No. (49) of 2011 specifies the regulations concerning the life insurance policy document presentation and terms.
An insurance company may deny a claim if the cause of death is not covered by the policy or if the policyholder has misrepresented major facts. A professional lawyer can help you negotiate with the insurance company to try and get a favorable resolution.
If premiums are not paid on time, after a grace period stipulated by law/the policy, the insurance company may allow the policy to lapse. Legal assistance can prove valuable while understanding the terms of your contract related to late or missed payments.
Yes, you can have multiple life insurance policies. Each will need to accurately represent your circumstances without fraud or misrepresentation. Legal counsel can help you ensure compliance with this requirement.
While it is legally possible, it is often not recommended because of potential complications. A trust could be established through proper legal channels to receive and manage the payout for the minor.
Insurance companies generally can't increase the premiums arbitrarily during the life of a fixed-term policy, but understanding the terms regarding the change in premiums in your policy is recommended.
The UAE Insurance Authority, which is now part of the UAE Central Bank, is a key resource for understanding rights and responsibilities related to life insurance. Additionally, several law firms also specialize in insurance law and can provide legal advice and services to insure your rights are protected.
If you need legal assistance related to your life insurance policy, begin by contacting a law firm with expertise in insurance law. Following an initial consultation, a lawyer would be able to guide you through the legal process, whether it involves disputing a claim denial, reviewing policy documents, or anything else pertaining to your life insurance policy.
