This is actually not a straight answer but this is how it works. If the next of kin are not listed as the beneficiary of the policy and the current beneficiary is living; no, the beneficiary of record is entitled to payment from the insurance company. You could take the beneficiary to court to see if a judge will over turn it but it is unlikely that they will because the life insurance contract is a binding legal document. And furthermore the life insurance company is obligated to pay in monies to the beneficiary on record so by the time you take it to court that money would have already been paid out.
If no beneficiary is selected, depending on the state the contract is enforced in, it money could go into probate and you would have to go through the probate process to have access to any funds. Keep in mind that probate opens the doors to creditors/debtors as well.
Yes because they are a member of the household and the spouse and the named insured have the same rights.
Answering "If mother in law is beneficiary on single grownup son life insurance policy does the mother have any rights?"
No..... I have been in insurance for 20 yrs. Once you are divorced she has no rights to your information.
I assume you are talking about life insurance. As the policy owner, you have no right to benefits so there is nothing for you to do. Benefits are only payable to the beneficiary unless all beneficiaries are deceased prior to the insured then it would be paid to the estate of the beneficiary. The owner of the policy basically has control of the policy before the insured dies. They are the only one who can change address, payment method, beneficiary, etc. If the owner is not the insured then the owner is the only person who can make policy changes. The insured person has no control over the policy if a different person is the owner but after death the owner has no more rights. Also, all life insurance is tax free as long as you never deducted the premiums for tax purposes.
The owner generally has the right to transfer ownership of the policy, borrow against accumulated cash value, change beneficiaries, cancel the policy, convert the policy to another one that the company offers at the time of the desired conversion, change the amount of insurance, and exercise options to increase the amount of insurance. There may be other rights that inure to the owner, and they will be enumerated in the policy. There may also be limitations on the rights of the owner, such as, pertaining to the right to change beneficiaries.
If your parents took out a life insurance policy and paid for it, the policy belongs to them and even if you are the person whose life is insured, that does not give you rights over that policy. I am not entirely sure why your parents would feel the need to have life insurance for their adult progeny, but possibly they are concerned that if you were to suffer a tragic premature death, they would be stuck with funeral expenses that they could not afford to pay unless they had an insurance policy to help them.
They vary per policy and per company. They will be listed on the policy itself under the section entitled "conditions".
There are 2 types of assignments in life insurance. Absolute Assignment - This means that you give up all of your rights to a life insurance policy forever. An absolute assignment may be used if you are selling your life insurance policy, or during a divorce where you give up all rights to your policy. Collateral Assignment - A collateral assignment is when you give up your rights to a policy until you have satisfied your collateral requirements. A loan is a classic example where a bank may require that you get a life insurance policy with a collateral assignment. If you still owe the bank money when you die, the bank would be repaid its money and any leftover would be paid to your beneficiaries.
All life insurance companies have a "Policy owner change form". Your agent can provide it, or you can contact your company directly.
No. The beneficiary is whoever is specifically named on the policy.
I would assume they are the assigned owners of the insurance policy, and have the greater interest in the product that was purchased, if the terms and conditions for repayment have not been met. So "YES" they would have the rights to sell the policy.
A judge can decide.