0
Are there any legal contracts on binding a beneficary who has little to no relationship to the deceased to divide the insurance money between his children and the beneficiary?
Wiki User
∙ 17y ago
I'm not an expert and I don't know what state you are in, but I would guess that whoever is named as the beneficiary on an insurance policy has absolutely no obligation to divide the money with anyone, including the children. You should probably consult with an attorney in your state.
Wiki User
∙ 17y ago
Add your answer:
Earn +20 pts
A relative died living you the beneficary but you are not sure what insurance company how do you find out?
You may be the beneficiary of the will and there may not be any insurance. If you were named on an insurance policy, the insurance company will find you. They have your name and probably your address, both of which are required to name you as the beneficiary. Also contact the executor of the will, as they may have records on the policies involved.
You are beneficary of your deceased sisters insurance policy but next of kin has disputed?
If you are named beneficiary on the polcicy it is contractually binding. Let them dispute all they want.
If beneficary dies before the insured does surviving spouse have rights?
If the beneficiary of a life insurance policy predeceases the insured, the insured should make arrangements to name a new beneficiary. If they do not, the policy proceeds will become part of their estate if they die without naming a new beneficiary. You should consult with the insurance company.
Can A beneficary refuse life insurance benefits?
You can certainly deny the payment, to do this you must sign and file a "Qualified Disclaimer" The payment will then be given to the next beneficiary on the list.
How do i set up a minor life insurance beneficary?
When the nominee/beneficiary is a minor, you are to arrange for an Appointee in the life insurance proposal form who will act as his/her legal guardian till the time he/she attains adulthood.
Can a power of attorney change a beneficary on a life insurance policy in nyc?
Can a power of attorney change a person beneficary on their life insurance policy?
What is a contingeny beneficary?
A Contingent or Secondary Beneficiary will receive the proceeds from a life insurance policy after the Insured's deaths, if the Primary Beneficiary does not survive the Insured Person. This means, if the primary beneficiary is not alive at the time of death of the insured person, then the contingent beneficiary will receive the proceeds from the life insurance policy. Examples of situations which may give rise to the contingent beneficiary receiving the proceeds from a life insurance policy. 1. The insured and primary beneficiary die in an accident together, for example, a car accident. 2. The primary beneciairy dies, and the insured forgets to update the beneficiaries for his/her life insurance policy.
What is a beneficary?
A Contingent or Secondary Beneficiary will receive the proceeds from a life insurance policy after the Insured's deaths, if the Primary Beneficiary does not survive the Insured Person. This means, if the primary beneficiary is not alive at the time of death of the insured person, then the contingent beneficiary will receive the proceeds from the life insurance policy. Examples of situations which may give rise to the contingent beneficiary receiving the proceeds from a life insurance policy. 1. The insured and primary beneficiary die in an accident together, for example, a car accident. 2. The primary beneciairy dies, and the insured forgets to update the beneficiaries for his/her life insurance policy.
My husband is a rider on my life insurance policy if he dies before me what do I do?
I don't understand what you mean by ''he is a rider'', do you mean he is the named beneficiary? If so and he dies prior to you, you need to name another beneficiary, or perhaps you already have a 'second' or contingent beneficiary, in that case the money would be paid to this contengient if the primary beneficary is deceased.
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).
Insured which is me and beneficary Grandmother died who is entitled to the life insurance benefits?
If you are the insured and your beneficiary died, and you had a secondary beneficiary then the money would go to the secondary. If you had split beneficiaries, then her cut would get funneled to the other beneficiaries. If you didn't have split beneficiaries or secondary beneficiary, the money should go to your estate where your creditors would get first pickings. Therefore, I would get myself to the insurance company (phone, website, broker) and update that policy ASAP.
Is it legal to have two insurance policies for the same beneficiary under a different contract?
Yea, if you have two different contracts and the beneficiary is the same, you can have two different policies which is legal.But against same contract, you cannot take two policies when the beneficiary is the same which is illegal.
