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MH370: Faster payouts for passengers' families
Publication Date : 09-05-2014
Insurance companies in the country are making faster and easier payouts to families of those on board the vanished MH370 flight who are eligible to receive compensation.
The Life Insurance Association of Malaysia (LIAM) said the families are entitled to the payment without having to go through the normal process.
“We have waived the requirement of death certificates and are setting this as top priority.
“We try our best to pay claims within a week from the receipt of full documentation from the claimants,” said LIAM president Vincent Kwo, adding that the insurance companies understood the grief of the families.
He encouraged them to get in touch with their insurance companies and submit their claims.
Kwo said 14.2 million ringgit (US$4.4 million) had so far been paid to the next of kin, from total claims of 18.7 million ringgit ($5.7 million).
The remaining claims were pending official submission of documentation.
Malaysia Airlines Flight MH370 left KL International Airport at 12:41am on March 8 and disappeared from radar screens about an hour later while over the South China Sea. Thirty-eight of the 239 people on board the Boeing 777-200 aircraft were Malaysians.
A family member of a missing Malaysian passenger, who declined to be named, said she was relieved that the insurance company had arrange to speed up the claims process.
“While this will not bring back those we love, at least it will be of help to the families who have to move on,” she said.
Families who are not sure whether their loved ones had obtained life insurance policies can call the LIAM hotline at 6-03-2691-6628, which handles queries on procedures for claims related to Flight MH370.