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Can I take out a Life insurance policy on someone I am not related to?
Wiki User
∙ 16y ago
Yes, you may be able to take out a life insurance policy on someone you are not related to - the determination is made by the insurance company as to who you may insure. There must be an "Insurable Interest" in order to insure someone else's life. Insurance Interest means the expectation of a monetary loss that can be covered by insurance. The following are examples of Insurable Interest regarding life insurance: 1. Parent and child, husband and wife, brother and sister have an insurable interest in each other because of blood or marriage. 2. Creditor-Debtor relationships give rise to an insurable interest. The creditor or loan provider can be a beneficiary for the amount of an outstanding loan. 3. Business relationships give rise to an insurable interest. An employee may insure the life of an employer, and an employer may insure the life of an employee.
Wiki User
∙ 16y ago
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What is it called when someone buys life insurance on someone else?
On whose life, policy is purchased, he/she is called 'Life Assured', whereas the former is called the 'Proposer' in a life insurance policy.
Can someone take out a life insurance policy on someone that they do not know?
Typically, the person being insured must consent to the life insurance policy. Without the person's consent or insurable interest, it is not permissible to take out a policy on them. Doing so could be considered fraudulent.
How do you find lost life insurance?
If you believe someone has a life insurance policy but you cannot find the actual policy or who the coverage is with you can get help through The Center for Life Insurance Disputes.
How do you find out about cashing in life insurance bond for cash?
answers to my related benefits on my term life insurance
What is the procedure for adding someone as beneficiary to a life insurance policy?
If its your policy, Just call your agent======== If not, Then NO!
Can you collect life insurance on someone declared incompetenet?
Probably not unless the insurance company decides to allow it or it was a provision in the life insurance policy. Normally, people are not able to collect on their life insurance policy until the insured dies.
How can you find out if someone has a life insurance policy?
Things may have changed since I worked in insurance (1997-1998), but generally speaking the existence of an insurance policy could only be confirmed to the insured, the policy owner, or a beneficiary, or someone with power of attorney for one of them. *Check with The Center for Life Insurance Disputes.
How do you research an insurance policy with southland life insurance co?
Contact Southland Life Insurance Co directly through their customer service line or website to request information about the policy. Provide the policy number and any other relevant details to expedite the process. Additionally, review any paperwork or documents you have from when you initially acquired the policy for more insights.
How do you find an unauthorized life insurance policy in your name?
It is legal to take a life insurance policy out on someone else. Wal-mart does it to their older employees, and cashes in when the employees die.
How do you contact someone about a palmetto policy?
phone number for knights life insurance
It is not important to have a life insurance policy.?
It is not important to have a life insurance policy.
What is the executor on a life insurance policy?
The Policy Holder of a life insurance policy is the executor of the said policy.
