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It depends on a number of things. In most Western societies this would be possible. However, depending on the individual's crime and sentence, there may be restitution or fines pending which the courts would automatically place liens upon. In some cases, the prison system, via the courts, may also file a lien on any proceeds to apply against costs of care, such as imprisonment fees, medical care, etc.
Finally, there may possibly be codicils associated with the deceased's will which preclude a beneficiary from receiving any proceeds should they find themselves convicted of a crime.
Lastly, rare, yet possible, there may possibly be a clause within the life assurance which states they are unable to distribute proceeds to anyone currently incarcerated following a conviction.
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Can an insured person also be the beneficiary on an insurance policy?
Yes, there is no bar in the insured person being beneficiary on another insurance policy.
Who is the beneficiary for your life insurance?
The beneficiary of a life insurance policy is the person or entity designated by you when you apply for the policy and when it is issued by the insurer.
Does your husband have to be your beneficiary on life insurance?
No. You can have anyone you want be the beneficiary. A trust, church, or any person you choose can be your beneficiary.
When referring to life insurance what is the definition of a beneficiary?
When referring to life insurance, a beneficiary is a person specified by the contract holder. This beneficiary will receive the benefits if the primary beneficiary has died at the time the benefit is to be paid.
Can you contest a life insurance beneficiary change?
The owner of a life insurance policy has the right to choose the beneficiary. Another person has no power to change that choice.
Who is eligible to collect life insurance?
The person who is eligible to collect life insurance is the beneficiary. Anybody can be named the beneficiary. There are steps that need to be taken before a person can collect.
What happens to insurance when beneficiary dies before insured person?
generally nothing. Insured person can name another beneficiary.
When talking in life insurance what does contengent mean?
In regards to life insurance, contingent usually means secondary. For example a contingent beneficiary is a secondary beneficiary, not the primary beneficiary. The contingent beneficiary would receive the proceeds from a life insurance policy if the primary beneficiary were not alive when the insured person dies.
Person who receives money from a life insurance policy?
Beneficiary
What is a 2nd beneficiary of life insurance and retirement plans?
A secondary beneficiary is a person who would receive the benefits of a life insurance policy or retirement plan in the event that the insured person dies and the primary beneficiary has also passed away. Then, the secondary beneficiary would receive the benefits.
Person listed as beneficiary?
A person listed as a beneficiary is the receiver of any proceeds from an insurance policy. They are normally named in the policy document or can be named in a will.
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.
