0
Part of the process of buying life insurance involves the designation of a beneficiary-the person(s) or entity(ies) that will receive the proceeds of the policy upon the insured's death. The beneficiary(ies) can be changed during the insured's lifetime, but as of the time of death, the designated beneficiary is entitled to the proceeds. If no beneficiary has been designated in the policy, proceeds are usually paid to the estate of the insured.
Add your answer:
Earn +20 pts
Who receives the benefits or money from a life insurance pplicy upon the death of the insured?
Upon the death of the insured, the person or persons selected as the receiver of benefits in the contract receives the benefits or money from a life insurance policy.
What are some of the policies offered by Sunlife Insurance?
Sunlife Insurance offer a number of policies. They offer life insurance policies as well as funeral planning policies to enable one to leave money to loved one's after death.
What is the meaning of beneficiary?
"The person who receives the benefits", most commonly used in insurance policies for the person who gets the money if the policy must be paid out.
Do you claim the money from life insurance policies from your parents death?
If you are the named beneficiary of their life policies you do. You can call and ask the insurance companies who the beneficiary is and they will tell you that much. I presume your question had to do with claiming the death proceeds as income. If so, the answer is NO! Life insurance proceeds are received income tax free.
Who receives the benefits or money from a life insurance upon the death of the insured?
Nominee stated in the policy or the legal heir if no nominee is mentioned.
Who receives the benefits or money from life insurance policy upon the death of the insured?
Nominee stated in the policy or the legal heir if no nominee is mentioned.
Who receives the benefits or money from a life insurance policy upon death of the insured?
Nominee stated in the policy or the legal heir if no nominee is mentioned.
Person who receives money from a life insurance policy?
Beneficiary
What is the difference between long term disability insurance and accidental death and dismemberment insurance?
Long Term Disability policies cover you if you are put in a nursing home or need to have a nurse come to your home regardless of how you were put there. Accidental Death and Dismemberment policies are usually attached to auto policies and they pay you and your family money if you are killed or lose limbs in an automobile accident.
Is the beneficiary also the executor of the life insurance?
No. They are separate. Beneficiaries are those who are entitled to an inheritance. The Executor carries out the will. * A person(s) named as a beneficiary on a life insurance policy receives the money directly from the insurer. Such policies are not subject to probate procedure.
What is normally covered by accidental life insurance policies?
Accidental life insurance typically pays out a predetermined sum of money in the event of a persons death. However, this predetermined sum of money will not be paid out if the persons death was not determined to be an accident, such as if they committed suicide or died of old age complications.
What are the types of life insurance policies in India?
Some types of policies are: # Pure term life insurance # Endownment # Whole life # Money back # Unit Linked Insurance Policies # etc...
