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If the person is deceased then the "policy" is now going to change into a death benefit check once a claim is properly filed. Providing the beneficiary is another individual and not the insureds estate, Medicaid nor any other entity has a right to the proceeds.
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How can a person be a beneficiary of a life insurance policy if the spouse of the deceased is still alive?
In rare cases, a person will make a close friend or relative the beneficiary of their life insurance policy instead of their spouse.
Is the beneficiary of a life insurance policy responsible for funeral expenses of the deceased?
No. All monies of a deceased is gathered in to their estate, then all debts of the deceased are paid, then legacies are paid out. Policies payable to a person are payable to that person.
Is the executor of a deceased beneficiary entitled to the Policy?
In case of demise of the life insurance policy holder, only the NOMINEE is the beneficiary to get the amount. In case nomination is not done, the legal heir of the deceased person can apply before the insurance authority for the death benefit.
Is the survivor of a deceased person responsible for medical bills if the deceased had their own insurance policy in Ohio?
In Ohio, the estate must resolve all debts including Medical Bills. Insurance policy will affect what is required. Until that is done, the spouse cannot inherit anything.
How can I contact the naic life insurance company location system?
Hello, I am trying to see if a person had a life insurance policy in California. The person is deceased and I would like to see if a benificiary was named.
Is it illegal for one member of family to withhold insurance policy details of deceased mother from siblings?
The information should be available to all family members who are the beneficiaries of the policy or are affected by the probate of the deceased person's estate. If the person withholding the information is the Executor of the estate, that person does not have the right to withhold this knowledge from the beneficiaries of the policy. Notify the probate court of this,
Does the person who is named Beneficiary on a Life Insurance Policy have to split the money if they are sole beneficiary on the Life Insurance Policy however in the Will states that assets be divided?
If the insured has died the proceeds from the insurance will be paid AS STATED IN THE POLICY. The proceeds of the claim are not part of the assets of the deceased's estate.
Will your children get your life insurance benefits when you die?
The beneficiaries on your life insurance policy will receive the life insurance benefits. Please make sure your policy is updated with the correct beneficiaries. Many people forget to update their life insurance policy after divorce, or any other major life event and unfortunately the ex-husband or ex-wife receives the benefits. If all the beneficiaries named on the policy are deceased, then the benefit will go to the insured's estate (which may or may not go to the deceased children. The only way to ensure that the benefits are going to the intended person(s), is to update your insurance policy's beneficiaries.
What is the person that buys the insurance policy called?
The person that buys the insurance policy is referred to as the policy owner. This person is the only one that can make changes to the policy or cancel it. However, there may be more than one policy owner for the same insurance policy.
What assets can Medicaid acquire once a Medicaid covered elderly person passes on after living in a retirement home?
Medicaid may file a claim against the estate of the deceased recipient, including any real property.
Who is the person that is the holder an insurance policy?
policy holder
Your stepmother did not change beneficiary on life insurance to your dad but your dad is deceased who gets the life insurance?
The person named as the beneficiary on the policy, or on file within the records of the insurance company. James V. Medici, CLU,CLTC Charlotte, NC
