0
Add your answer:
Earn +20 pts
What type of policy can a owner and beneficiary be the same?
In any life insurance policy, though there is provision for appointment of nominee, on maturity the proceeds will be payable to the policy holder if he/she is alive. By this way, the owner of the policy and the beneficiary is the same person.
Can anyone else but the insured change the beneficiary on a life insurance policy?
Only the POLICY OWNER can change the beneficiary on a life insurance policy. In most cases, the insured is also the policy owner, but it's not a general rule. The policy owner can be another person who is paying the premium (for example, a parent or guardian, spouse or other family member), or a bank, or a business. If the policy owner is not the same person as the insured, then the insured has no control over who the beneficiary is on the policy.
When someone has a life insurance policy on you does this mean when you die they get the money?
If there is a policy on your life the person currently listed as the beneficiary will be paid upon your death. The person listed as the owner of the policy is the only one who has the right to change the beneficiary. Usually the owner and insured are the same person but not always. You may wish to check on this and change the beneficiary if your situation has changed.
How do you change insurance beneficiary?
Only the owner of the policy can change the beneficiary of a life insurance policy or make any other changes to the policy. Most of the time the owner and person insured is the same person but not always. The owner is usually the one who paid the premiums. If you are the owner, changing the beneficiary is a simple completion of a change form. Most insurance companies have a change form that has places for several different types of changes on one sheet of paper. After the change in beneficiary is processed the company will send you a certified copy to place in your policy.
Can anyone but the insured of a life insurance policy change the beneficary on a life insurance policy?
Yes, the policy owner can change the beneficiary. Sometimes, the person insured and the policy owner are not the same person, if someone else pays the premium for the insurance policy. For example, a parent or guardian taking an insurance policy on spouse or children. Some insurance policies are assigned to cover bank loans, and even if the insured may pay the premium, the bank can be assigned as the owner of the policy; in that case the bank decides who the beneficiary is going to be (usually in this scenario, the bank will also be the beneficiary).
What happens if a person dies and leaves no beneficiary for his life insurance policy but there is a will?
In Canada, if there is no beneficiary of the life insurance policy, the proceeds go into the estate of the owner. This person is often the same as the life insured but doesn't have to be (eg a father buying life insurance on his son. The father is the owner and the son is the life insured). The proceeds form part of the owner's estate and are distributed according to the instructions in the will after all debts have been satisfied.
Must a spouse be beneficary of life insurance policy in virginia?
No state law will require whom the beneficiary is on a life insurance policy. This is up to the owner of the policy. it may be changed by the owner of the policy if they choose to do so as well. Remember that the owner and the insured is usually the same person but they don't have to be. Such as with a minor child. A parent would want to be the owner of the policy while the child is the insured. This is the same with any policy. The owner has ultimate control over the policy and is the only one who can make changes or cancel the policy. The insured has no say after the policy is issued to do anything with it.
Should the insured sign the policy delivery form along with the policy owner if the insured and the policy owner are not the same person?
No, the policy is delivered to the owner and only the owner has to sign, acknowledging receipt of the policy.
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.
Can a person be executor and beneficiary of insurance policy and sole right to the insurance money?
Yes. Insurance proceeds, unless the beneficiary is the estate, are payable directly to the person who is named as the beneficiary beneficiary. As such, the policy proceeds pass "outside" of the estate and do not become a part of it. If the same person who is the named beneficiary of the policy is also the executor of the estate, he/she is required to carry out the directives of the Will. This includes paying legal debts of the deceased, ensuring protection of the value of the assets of the estate, and distributing the assets as directed in the Will.
Who collects the life insurance if the policy holder and beneficiary have died?
If the beneficiary of a policy has died, the estate of the beneficiary can still collect the insurance payment, assuming that the beneficiary does have an heir or heirs of some kind (as most people do). Note that this is a fairly unusual situation, because normally when a beneficiary dies, a new beneficiary is named. There is no reason to allow the policy to have no living beneficiary, unless the insured and the beneficiary happen to die at about the same time, and there is no time to name a new beneficiary.
If the person listed beneficiary on a life insurance policy is deceased will it automatically go to the current wife?
It will go to the alternate beneficiary, if one is listed if not it will be paid to the estate to be distributed in the same way as any other money in the estate.
