Whether someone has adequate, active insurance coverage in place is an important thing to know, especially if their lack thereof could lead to your business paying a hefty price.
Keeping track of insurance policies is crucial for both individuals and businesses in various cases. Understanding how to efficiently track insurance policies can help.
In this blog, we’re exploring various methods for tracing insurance policies, determining if one is still active, checking if someone else has a policy, and how Certificate of Insurance Services can be helpful in policy tracking.
How Do I Trace an Insurance Policy?
To trace or track down an insurance policy, you’re probably best off going straight to the source: the insurer. First, however, be sure to check through your personal records or documents, such as annual financial summaries or tax documents, where a policy might be listed.
If you can’t source proof of the policy from your own records, gather all of the information you have about a policy and contact the insurance provider directly to request information about it. The insurer may ask for more details to verify your identity or your relationship to the policyholder, if this isn’t you, before providing you with information.
If neither of those methods is successful, you can try to utilize policy tracing services to find policy details. These are specialized companies that help people find active insurance policies, especially old ones like life insurance coverage that may have been forgotten about over time. These services usually come with a fee but can be helpful in sourcing policies when you do not have an insurer’s information or are unsure where to begin.
How Can I Find Out if an Insurance Policy Is Still Active?
There are a few methods that individuals and businesses can use to find out if an insurance policy is still active. The first way, again, is to contact the insurance company directly. You will provide them with your policy number or personal details, and from there, they’ll quickly be able to confirm the policy’s status. Most insurance companies have customer service teams prepared to handle these kinds of inquiries.
Another way to confirm that an insurance policy is still active is by reviewing the annual statements you receive from your insurance providers. These statements will usually outline the status of your policy, including whether premiums have been paid and any changes that have been made to the coverage.
Finally, if available, you can use online account services such as an insurer’s virtual platform to log in and view whether your insurance policy is active, review your coverage, and even make payments or updates as needed.
Can You Check if Someone Has an Insurance Policy?
It is possible to check whether someone else has an insurance policy in place; however, you will need to gain written permission from them first. Insurance information is protected under privacy laws, and insurers will not disclose details without proper authorization from the insured.
Once you’ve gotten consent from a named insured, you can contact their insurance provider with the necessary details to verify the existence of a policy, and they will provide details.
In times when you don’t know the insurance company or aren’t even sure that a policy exists, you may have to use a third-party verification service. These services specialize in verifying the existence of certain insurance policies, typically relying on databases or contacting various insurers on a requestor’s behalf. This approach can be helpful in cases like when sourcing life insurance coverage for a policyholder who is recently deceased.
Is There a Database for Life Insurance Policies?
Because of the previously mentioned complications that can come with tracing insurance policies for the deceased, there are several resources for sourcing life insurance policies.
One widely used tool is the National Association of Insurance Commissioners (NAIC) Life Insurance Policy Locator, which allows individuals to search for life insurance policies and annuities using the deceased policyholder’s information. It contacts participating insurers to determine whether a policy exists and notifies the requester if it does.
Insurance companies also often have their own in-house databases, so it can be helpful to contact some of the major insurers when looking to verify that a policy exists.
Finally, state insurance department resources can also be valuable. Some states provide services that help individuals locate life insurance policies, especially if the insurer is licensed within that state.
Tracking Down Coverage? Not a Problem!
Ensuring adequate levels of insurance coverage is an important risk management strategy for individuals and businesses. Whether for you or for someone else, understanding the ways to go about confirming someone’s insurance coverage can help you gain confidence in your protection.
Need more help with learning about insurance tracking and verification? You’re in the right place. Reach out to us today to learn how myCOI can support you.