0
Who receives the money from life insurance if the beneficiary is deceased the insured or the heirs and there is no contingent beneficiary named?
Wiki User
∙ 12y ago
If there is no living beneficiary when the insured dies then payment of proceeds from a life insurance policy would be paid to the estate of the insured. If the insured had a will then the will provides who receives payment of estate assets. If no will is present then state law will provide how and to whom the assets are paid to. If the estate is very large then estate tax could be due on some of the proceeds of the life insurance policy because they become assets of the estate.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
Who receives the money from life insurance if the beneficiary is deceased the insured or the heirs?
The contingent beneficiary, if one was named.
What is meant by a contingent beneficiary?
Contingent beneficiary means that on a will or insurance contract a person receives the benefits only if all of the predetermined conditions have been met
Who receives life insurance the beneficiary or absolute assignee?
beneficiary
If you are a beneficiary on life insurance who lets you know?
Once an insurance company (insurer) receives a valid proof of loss (claim form), the insurer will begin the process of contacting beneficiaries of any life insurance. The insurer will first contact the primary beneficiary. If unable to locate the primary beneficiary, or if the primary beneficiary is dead, the insurer will then move to the contingent beneficiary (second beneficiary). If the insurer has no response to the contingent beneficiary, the insurer then moves to the tertiary beneficiary (third beneficiary). Failure here will force the insurer to pay any life proceeds to the estate of the decedent, which can open the claim to the creditors of the decedent in most states. More than 40% of life insurance policies in America have no named beneficiary! Failure to name the beneficiary can leave your loved ones in a bind. Always name your beneficiaries. List one or more in each category (primary, contingent, tertiary) too. Most people name their spouse first, children as contingent, and parents or siblings as tertiary.
Who receives the benefits or money from a life insurance policy upon the death of the insured?
The beneficiary designated on the policy application is the recipient. Usually, a secondary ("contingent") beneficiary is also named in the event that the primary beneficiary dies before the insured. The estate of the deceased can also be the beneficiary if it is named as such or if there are no named beneficiaries or if all of them die before the insured. In that event, the insurance proceeds become a part of the estate and are distributed according to the insured's Last Will and Testament. If the insured dies without a Will, the estate, including the insurance proceeds, pass according to state law according to the laws of intestate succession.
Person who receives money from a life insurance policy?
Beneficiary
Who receives the death benefit on a life insurance contract?
The beneficiary.
What is claims?
It is a department or an action. You die, your beneficiary calls the insurance claims department and places a death claim with them. Your beneficiary receives a death claim check.
What is claimed?
It is a department or an action. You die, your beneficiary calls the insurance claims department and places a death claim with them. Your beneficiary receives a death claim check.
What is claime?
It is a department or an action. You die, your beneficiary calls the insurance claims department and places a death claim with them. Your beneficiary receives a death claim check.
What is a bank account beneficiary?
A beneficiary is the person who receives the benefit (usually money) from an insurance policy or a trust.
When a will states a person who is deceased as the beneficiary who receives it the spouse of the deceased or their children?
Typically the results will be that the money will be split in half, one part to the spouse, the other half to the children. Consult an attorney in your jurisdiction.
