Lincoln National Life settles with DOL over insurability practices
June 20, 2024 by Kenneth Araullo
A unit of Lincoln Financial Group has reached a settlement agreement with the US Department of Labor to revise its evidence of insurability requirements, the federal agency announced.
Lincoln National Life Insurance Co will adjust its “proof of good health” requirement for participants in job-based life insurance plans, according to the DOL.
As per AM Best, the settlement prohibits the insurer from denying a beneficiary’s claim due to a lack of evidence of insurability if premiums have been received for three months or more.
Originally Posted at Insurance Business on June 18, 2024 by Kenneth Araullo.
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