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The general issue that this raises is that of "insurable interest". That term refers to the fact that a person taking out a life insurance policy (in this case) on another has to have a "stake" in the continued life of the insured.
In many States, relatives have an insurable interest in the lives of other relatives, based upon what is commonly called "love and affection". If the aunt is dependent upon the income or services of the nephew, or if, for example, he owes her money, she may have an insurable interest on that basis.
You will also have to be concerned with the underwriting guidelines of the insurer(s) that you approach. Therefore, it is probably best to utilize a broker who is empowered to submit applications to a number of insurers, rather than an agent who may be beholden to only one or a few insurers. Stated otherwise, different insurers have different underwriting guidelines, and not all will deem an aunt to have an insurable interest.
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If you are the step-nephew of an aunt who died and named you as the beneficiary of the life insurance can you still claim it?
If you are the named beneficiary then of course you can claim it!
Is it fraud if your husbands father took out a life insurance policy in his name and paid his nephew to sign as your husband?
It is insurance fraud if anyone but your husband signed the application.
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.
Life Insurance Policy?
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What is portable life insurance?
A life insurance policy is "portable" when upon leaving the group policy, you transfer your life coverage to an individual life policy with the same insurance carrier with no changes to the policy or increase in premium.
What policies are offered by General American Life Insurance?
There are many policies offered by General American Life Insurance. These include the Variable Life Insurance policy, the Condo Insurance policy and the Boat Insurance policy.
Is permanent life insurance the same as whole life insurance?
Technically, there is no insurance policy called as permanent life insurance. However, you can treat whole life insurance policy as permanent since the policy covered the whole life span of the policy holder and benefit is payable to nominee in the event of any eventuality of the policy holder.
What is ordinary life insurance?
Actually, whole life insurance policy other than endowment,single premia or ulip policy can be called ordinary life insurance policy.
How do you locate a life insurance policy?
how do you lacate a life insurance policy that was with southern life and health insurance company 30 years ago
Can the executor get the amount of the life insurance policy?
NO.. unless the policy does not have nomination. Only nominee will get the proceeds of life insurance policy.
What insurance policy is exempt from the life insurance policy illustration guidelines?
variable life insurance exceeding 10,000 dollars.
