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Can someone other than the beneficiary forge a signature to receive payment from the insurance company?
Wiki User
∙ 13y ago
No, that person would be charged with both fraud and forgery and be sent to jail. The only legal way someone other that the beneficiary can sign for a payment is if the benificiary is declared incompetant and a court assigns the signing authority to that person or the beneficiary voluntarily signs legal documentation giving someone else that right
Wiki User
∙ 13y ago
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Will insurance pay contingent if primary beneficiary is in jail?
It's a very delicate question. In my opinion, Insurance Company will pay the next legal heir and waiting for the primary beneficiary to come out from jail is impractical. Contingent payment is the total discretion of the Insurance Company.
How do I cash in a life insurance policy where I am the beneficiary?
Basically you can sell your life insurance policy to a life settlement company in exchange for a lump sum payment.
Can you receive life insurance payment if your in prison?
Yes. The beneficiary of a life insurance payment can always receive the payment regardless of where he or she is.
Any statistics on how many life insurance claims are disputed by family members and does the beneficiary dictate payment?
Yes the beneficiary on file gets the payment
How old does a beneficiary have to be for to receive payment from a life insurance policy?
at what age can a minor be insured in NY state for life insurance
Is your husband's ex-wife legally entitled to life insurance benefits in the state of California?
If she is the beneficiary named on the policy, the insurance company has no other option. They cannot give the payment to anyone else.
How can the insurance co make a payment to someone else if you are the beneficiary of a life ins?
A life insurance policy has an owner, who is the person who is buying the insurance, as well as a designated beneficiary. Some kinds of life insurance, called whole life, have value as an investment and can be cashed out by the owner if he or she so desires (unlike term life which has only a death benefit and no cash value prior to the death of the insured). Now, you haven't said who this other person is who has received a payment from the insurance company. If it is someone other than either the policy owner or the beneficiary, the only other scenario I can imagine is that someone filed a lawsuit claiming that there was some kind of fraud going on, and that he (or she) is the actual owner or beneficiary of the policy, and not you. If the judge agrees, then the insurance company must comply.
If you are named beneficiary on an accident life insurance policy and your relationship to owner is listed as wife but never legally married are you still entitled to receive payment?
The Insurance company should ideally check the validity of the relationship (whether legal spouse) at the time of issuing the contract or at the time of naming the beneficiary. Again the basic essence of Insurance contract is the valid insurable interest. I presume the Insurance contract is binding on the insurance company and the surviving spouse need to be compensated with the benefit amount of the Insurance contract.
Can you contest the life insurance beneficiary on payment of death benefits?
You can contest who the payment was made in a court of law, but that is not to say you can stop the Insurance company from paying the money to the chosen beneficiary on record. The reason why people choose their beneficiaries is to avoid a situation like the aforementioned question. To make the process run more smoothly designating a beneficiary is necessary, otherwise the proceeds from life insurance could potentially move into the probate arena (where no one really wants it to go). So yes you can fight it at court but the insurance company is required to pay the premiums to the selected beneficiary, assuming said beneficiary is of legal age (otherwise it could be held in escrow). A judge could say that the recipient must pay a portion to someone else but that generally will not occur since the life insurance contract is a legally binding one in which the former insured has previously determined where the money is to go by way of the beneficiary election.
How soon does beneficiary get paid from a life insurance company?
The beneficiary may usually be paid within 10-21 days after the insurance company has determined there is no fraud and the insurance payment is due as per the terms and conditions of the life insurance policy, and all necessary paperwork is in to them. The life insurance company usually requires the death certificate when making your claim. Make sure to review the "How to Make a Claim" section of the life insurance policy and contact the insurance company regarding what is necessary and who to send all pertinent information to in order to make your claim. If the claim is not paid in a timely manner, contact the insurance company and your insurance agent to follow-up. Also, you may want to contact the Department of Insurance in your state if you do not receive the Life Insurance Proceeds.
Can you explain life insurance in very simple terms?
Very basically, insurance is a contract (called an insurance policy) between one party (the insurance company) and another (the insured). In the case of life insurance, it is a life that is being insured. In return for the periodic payment of money (called a premium) to the insurance company, the insurance company agrees to pay a sum of money when the insured (whose life is insured) dies. The money is generally paid to the person (or sometimes an entity, such as a charity) that is designated in the insurance policy as the beneficiary. The beneficiary is designated by the insured when the insured buys the insurance but can usually be changed up until the time of death.
What do you call the payment of the insurance company?
premium
