0
It is not a question of refusing responsibility. The beneficiary is the person or institution designated to receive proceeds upon the death of the insured. He/she/it has no obligation to pay future premiums. However, the beneficiary is free to decline the proceeds in which case they will be paid to a contingent beneficiary listed in the policy; in none, the proceeds will be paid to the insured's estate.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
Can you have a secondary beneficiary on your life insurance?
Yes, you can have a secondary beneficiary on your life insurance policy. If the primary beneficiary is no longer living when you pass away, the secondary beneficiary would receive the proceeds from your life insurance policy.
Do you have to have a beneficiary on your health insurance?
In general, no. You only need a beneficiary for life insurance.
Who can legally change the beneficiary on a life insurance policy?
The Insured can change the beneficiary on a life insurance contract.
Does a beneficiary on a life insurance prevail over a will request?
Yes! The beneficiary on a life insurance policy does not have to be included in a will in order to receive the life insurance benefits.
What happens to a spouse when an ex girlfriend is left as the beneficiary on an old life insurance policy?
It is the responsibility of the person holding the life insurance policy to keep the beneficiary data updated as necessary. In the scenario in the question, the ex girlfriend was listed as the beneficiary ... and will be awarded the proceeds from the policy. Unfortunately, there is little the spouse can do to stop that. The beneficiary designation is binding and will hold up in a court of law.
Who receives life insurance the beneficiary or absolute assignee?
beneficiary
Is surviving spouse the legal beneficiary of a life insurance policy if a different beneficiary is named?
No, the spouse is not. The beneficiary is named. There are laws that require the spouse to sign an acknowledgement that there is life insurance that she is not the beneficiary of.
Who is the beneficiary for your life insurance?
The beneficiary of a life insurance policy is the person or entity designated by you when you apply for the policy and when it is issued by the insurer.
Is life insurance taxable?
Life insurance proceeds paid to a beneficiary is not taxable. However, if the life insurance beneficiary is a trust or estate, there may be some tax implications.
When talking in life insurance what does contengent mean?
In regards to life insurance, contingent usually means secondary. For example a contingent beneficiary is a secondary beneficiary, not the primary beneficiary. The contingent beneficiary would receive the proceeds from a life insurance policy if the primary beneficiary were not alive when the insured person dies.
Is life insurance consideredpart of the estate?
If the insurance policy owner did not specify a beneficiary or the beneficiary is deceased, then the life insurance proceeds go to the insured's estate.
When referring to life insurance what is the definition of a beneficiary?
When referring to life insurance, a beneficiary is a person specified by the contract holder. This beneficiary will receive the benefits if the primary beneficiary has died at the time the benefit is to be paid.
