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Could executor make changes on life insurance policy if beneficiary agrees to it after the insured's death?
Wiki User
∙ 12y ago
No. As a general rule, the life insurance policy is between the maker of the policy (presumabaly the insured) and the company.
The maker is dead and has no control over the terms of the policy. His death kicks in the operation of the terms of the policy. AS in when someone( the insured) is dead, money gets paid somewhere and to someone, and in some form.
The executor, a personal representative in most states, comes into existence AFTER the terms of the policy between the maker and the compnay have taken financial effects.
Now, that set of facts would not stop the benificiary from turning the proceeds into the estate (codeword for stuff which belonged/belongs to the dead person and is administered by the personal representative)
(There could be gift tax consequences from this one, by the way.)
Just about ever legal question is fact dependant, is jurisdiction dependant, and is contract dependant. If you want specifics, you just got to get a local lawyer.
Wiki User
∙ 12y ago
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Can you change the beneficiary on an insurance policy?
Yes, if you are the owner of the policy you can make any changes you wish as far as beneficiary or ownership.
Can a life insurance beneficiary change the name themself and release it to someone else?
No, only the person showing as the policy owner can make any changes on a life insurance policy, including changing the beneficiary. In some situations, the beneficiary is also the owner - in that case changes can be made.
Does the previous executor have to be notified of any changes or issue of a new will if a new will is written does the executor who is also a beneficiary need to be advised in writing?
There is no reason to inform anyone. It isn't any of their business who is named in the will.
If I'm the beneficiary of life insurance policies of my brother and who named me as beneficiary prior to his marriage and during his marriage do I still have legal rights to this life insurance?
You will receive the death benefit unless your brother has changed the beneficiary. Regardless of marriage, divorce, life changes, etc; unless the insured contacts their insurance company and changes their beneficiary, the money will go to the specified beneficiary; FYI- your brother would not be required to notify you as current (or ex) beneficiary if he changed the policy. Also, many life insurance policies have a primary and a successor beneficiary; the successor is the person who would receive the benefit if something were to happen to both the insured and the primary beneficiary.
Is a signature reuired to change the beneficiary on a blanket life insurance policy?
Yes. A signature is required to make any changes in a life insurance policy.
How do you change insurance beneficiary?
Only the owner of the policy can change the beneficiary of a life insurance policy or make any other changes to the policy. Most of the time the owner and person insured is the same person but not always. The owner is usually the one who paid the premiums. If you are the owner, changing the beneficiary is a simple completion of a change form. Most insurance companies have a change form that has places for several different types of changes on one sheet of paper. After the change in beneficiary is processed the company will send you a certified copy to place in your policy.
Can anyone contest a life insurance if you are not listed as a beneficiary?
No, only the policy owner (usually the insured) can decide who the beneficiary is on a life insurance policy. Life insurance has nothing to do with a will or estate distribution after someone's death. That's why it is imperative to keep the beneficiary section updated constantly based on the life changes; too many people who get divorced forget to update their life insurance beneficiary on the policy and benefit may go to the ex-spouse. Life insurance companies are bound by the contract that is the life insurance policy to only pay the beneficiary specified on the policy. If all beneficiaries specified on the policy are deceased, then the benefit will be paid to insured's estate.
Change of Beneficiary Letter?
Get StartedAs the owner of an insurance policy, you may want to make changes to your beneficiaries. Usually the insurance policy, an insurance company rule, or a state law requires that certain formalities be observed to effectuate the change of a beneficiary. For example, an insurance company may require that an owner use a company form to change a beneficiary. An owner may also be required to enclose the actual insurance policy with the letter requesting a change of beneficiary. You should consult your insurance agent to determine whether such formalities apply to you.A letter to an insurance company regarding a change of beneficiary should include the following information:Policy NumberInsured's NameOwner's NameName of the Primary Beneficiary (This can be either a proper name, like Jane Davis, or a categorical designation, like "my children.")Name of the Contingent Beneficiary (This can be either a proper name or a categorical designation.)
What happens if an executor changes a will?
An executor who makes any changes to the will is in violation of law and should be reported to the court that made the appointment immediately. They should be replaced as executor.
How to have a designation in life?
Designating a life insurance beneficiary is an important step that will allow you to determine who will receive your policy benefits. As you experience changes in your life, you should review your beneficiary designations to ensure that they still reflect how you want your benefits to be paid.
Can a life insurance company change the beneficiary?
The only person who can materially change an insurance policy (including beneficiary changes) is the OWNER of the policy, who may or may not be the INSURED. The company does not have right to make a beneficiary change under federal law. In any case, beneficiary disputes are not uncommon. Finding the original policy will not solve this sort of dispute, since the beneficiary designation may have been changed after issue and will not be evident on the original. The insurance company may have acted upon a legitimate request to change the beneficiary, and if so they will (must) have a copy of that change form, signed by the owner's. (A copy of that change was probably sent to the policy owner at the time of the change, but it may have been lost).
Can a insurance company rise your rate by sending it to your mortgage provider without your written and expressed permission?
In a sense yes, or at least it seems like it. Mortgage companies are basically co-insureds on your policy, they can order and approve coverage changes to your policy just as you can yourself. Aditionally there are sometimes rate and property valuation as well as regulatory changes that are customary to property insurance and can often effect rates.
