A beneficiary is a third party to a contract between and insurance company (insurer) and an insured (customer). Since the contract allows the beneficiary to be changed at any time (revocable beneficiary), there is no way for any attorney to know in advance whether any one person is named as a beneficiary on a contract of life insurance. If someone you know has died, your first step is to determine if any life insurance exists. This can be accomplished by going through important papers, contacting employers, looking through bank statements for payments to insurers, etc. Once located, contact the insurer to file a claim. The insurer is required in most states to provide claim forms within 30 days. Once a proof of loss (claim form) is received, the insurer will begin the process of locating and paying beneficiaries. If no beneficiary can be found (alive or otherwise), the insurer will pay the estate of the decedent. Unfortunately, paying the estate can open the claim to creditors of the decedent and probate, depending on the rules of your specific state.
You should see a lawyer for this because it isn't likely if you were lucky enough to know where the Insurance Co., was, that they would give out this private information. Your lawyer can find out about this for you. Marcy
No one except the beneficiary and the insurance company will know - or have any reason to know.
Not that I know of.. What does one thing have to do with the other?
You call the insurance company claims department and ask them. You would have to be the owner or the beneficiary or rightful descendent of. 4lifeguild
== == == == The life insurance policy will state the face value ( death benefit ) of the policy. However, it may not state the amount that each beneficiary will receive as the number of beneficiaries may have changed since it was issued. Until a claim is paid, the beneficiaries will not know how much they'll receive.
If you were a beneficiary under a life insurance policy, you would be notified by the company. If you weren't but your brother was, you have no right to know.
No. You can usually change your beneficiary anytime you want and they do not receive any notice that they are named as beneficiary. If you want to make sure the beneficiary knows there is a policy when you die make sure you keep a copy of the policy with your other important files or include the details in a will. Most insurance companies don't know a client has died until their family calls to report the death
Once an insurance company (insurer) receives a valid proof of loss (claim form), the insurer will begin the process of contacting beneficiaries of any life insurance. The insurer will first contact the primary beneficiary. If unable to locate the primary beneficiary, or if the primary beneficiary is dead, the insurer will then move to the contingent beneficiary (second beneficiary). If the insurer has no response to the contingent beneficiary, the insurer then moves to the tertiary beneficiary (third beneficiary). Failure here will force the insurer to pay any life proceeds to the estate of the decedent, which can open the claim to the creditors of the decedent in most states. More than 40% of life insurance policies in America have no named beneficiary! Failure to name the beneficiary can leave your loved ones in a bind. Always name your beneficiaries. List one or more in each category (primary, contingent, tertiary) too. Most people name their spouse first, children as contingent, and parents or siblings as tertiary.
Usually, it is the responsibility of the owner. However, if you have insurance on your vehicle, they will step in as secondary coverage...including covering the damage to the vehicle you were driving, if you have the coverage.
If you know the name of the company, simply call reception and they will put you in contact with the right people.
An insurance company will typically wish sufficient identifiers to know who to pay out the policy to. So they will need the beneficiary's name, their relationship to you, and a lot of times their date of birth and social security number. In the event that the beneficiary is a non-profit or church, the name and tax ID number will need to be provided. In the event of the beneficiary being a trust, there are identifiers with that as well.
A family member or the agent needs to inform the insurance company if a beneficiary deceased; They will mail a claim package to the insured family, and a copy of the death certificate will be required.