insurance proceeds are distributed to named beneficiaries In addition an insurance policy of a deceased that does not have a named beneficiary will be included in the probate procedure and the state's probate law of succession will apply.
If the husband was the named beneficiary of the policy, if the policy was in force at the time of death, and if the cause of death was not excluded by the policy, the general answer is "Yes". If the beneficiary was the estate of the wife, the proceeds are paid to the estate. Then, if the husband was a beneficiary of the estate (either by virtue of a Will naming him as beneficiary, or if no Will, through the laws of intestate succession), he may be entitled to all or a part of the insurance proceeds. If the beneficiary of the life insurance policy was someone other than the husband as of the time of the wife's death, proceeds are payable to that person.
Tier Two [in Beneficiary Designation] refers to secondary beneficiary which also refers to the person, persons, or class of people who will collect the life insurance proceeds in the event of the death of the insured _and_ the primary beneficiary is not alive.
The person who is eligible to collect life insurance is the beneficiary. Anybody can be named the beneficiary. There are steps that need to be taken before a person can collect.
A certificate of marriage is not required to collect on life insurance. Life insurance proceeds will be paid only to the named beneficiary/beneficiaries on the policy. If all beneficiaries are deceased, then the benefit will be paid to the deceased insured's estate.
You may need to be appointed the fiduciary of his estate because the proceeds will be paid to the estate. You should contact the insurance company for their policy regarding a situation such as yours.
If the insurance policy is older than two years of contestability period, then a benefit will be paid to the beneficiary.
The beneficiary is the only one that can collect benefits unless otherwise specified in the policy such as a rider.
I think you mean "creditors," those who are owed money. Debtors are the ones who owe the money. In Texas, the proceeds from life insurance policies are exempt if a dependent is named as the beneficiary. Otherwise, the funds are not exempt. Of course, the creditor must know about the policy to collect from it.
Life insurance is usually governed by beneficiary information on the policy. In other words, whoever the beneficiary is on the policy will the one to collect. You may want to consult a local lawyer to confirm this.
Possibly. First, if the policy states that the proceeds go to a specific named beneficiary, then the executor has no authority at all over it. In fact the executor has no right to even collect it for that beneficiary. Second, if the policy is payable to the estate, then the proceeds are to be distributed according to the terms of the will, not his own choices. Sometimes insurance is payable to an estate if the decedent names his estate as the beneficiary (highly unlikely) or if the named beneficiaries hav predeceased and there is no one left to receive the proceeds (it does happen but rarely).