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Does a life insurance beneficiary have to disclose dollar amount to trustees of estate?
Wiki User
∙ 12y ago
If the beneficiary of a life insurance policy was an individual person then it is not included in the assets of an estate unless the policy was purchased within three years from the date of death. This could vary from state to state and from time to time. I would not say that you shouldn't cooperate with the trustees of the estate and to give them information they request. If however they ask you to pay any taxes or legal fees that is the time when I would no longer cooperate. I would make it clear that you have no desire for obligation for legal fees or taxes and that you are not subject to such.
Wiki User
∙ 12y ago
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Do insurance companies write separate checks if there are multiple beneficiaries?
Yes, the insurance company will pay the benefit amount to each beneficiary as named on the policy at the percentage listed.
Does the life insurance beneficiary get both the cash value and the face amount?
Not usually, though I can't say that it is impossible. Life insurance is not regulated like car and home so one particular company could promise you that. Generally the cash value is if the insured cashes in the policy and the face amount is paid to the beneficiary when the insured dies. I was a life insurance agent for 15 years.
What is a beneficiarie?
A beneficiary is someone from whom someone else knowingly benefits.
What are life insurance premiums?
A life insurance premium is the amount of money that is paid, on a periodic basis, to an insurance compasny in return for insurance coverage on a person's life. Provided that premiums are paid as and when due, the insurer is obligated to pay to the beneficiary(ies) the face amount of the policy. The amount of premium payable is determined primarily by the amount of life insurance purchased and the risk factors (age, medical history, etc) of the person to be insured under the policy.
What's the best thing term life insurance provides?
Term life insurance provides the protection in knowing ones beneficiary will be looked after. Should death occur, term life insurance would pay benefits for a set amount of time.
If the beneficiary of a term life insurance does not know the benefit amount will the insurance tell you the amount of the policy?
== == == == 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.
What happens if someone dies and has no beneficiary on his life insurance policy?
In that case, the money will be kept deposited with the insurance company as unclaimed amount. In absence of the beneficiary, the insurance company can pay the money to the legal heir of the policy holder, but that has to be sufficiently proved in the Court of Law.
Will soon be a beneficiary of a funeral insurance policy that was not discovered until after funeral had been paid in full Is amount taxable?
Life insurance benefits are typically not taxable.
Who is the beneficiary in a life insurance contract?
The beneficiary is the person to receive the coverage amount when the person covered by the policy dies. In the first instance, the beneficiary is named by the applicant when application for the insurance policy is made. Unless the beneficiary designation is made irrevocable, the insured is free to change the beneficiary at any time until his/her death. Unless some provision of law or contract renders the designation of beneficiary irrevocable, the beneficiary does not have a right to remain as beneficiary and ordinarily cannot contest a subsequent change.
Is the executor of a deceased beneficiary entitled to the Policy?
In case of demise of the life insurance policy holder, only the NOMINEE is the beneficiary to get the amount. In case nomination is not done, the legal heir of the deceased person can apply before the insurance authority for the death benefit.
What does deductible and coinsurance mean?
On a health insurance policy, a "deductible" is a specified amount which the insured/beneficiary must pay out of their own pocket, before their insurance will pay any covered medical services. After the deductible amount is met, a "coinsurance" is a percentage amount which the insured/beneficiary is responsible for. For example, if an insurance policy is an "80/20 plan", this means that the insurance company pays 80% of medical services, and the patient (insured) is responsible to pay the remaining 20% (coinsurance).
Do insurance companies write separate checks if there are multiple beneficiaries?
Yes, the insurance company will pay the benefit amount to each beneficiary as named on the policy at the percentage listed.
Does the life insurance beneficiary get both the cash value and the face amount?
Not usually, though I can't say that it is impossible. Life insurance is not regulated like car and home so one particular company could promise you that. Generally the cash value is if the insured cashes in the policy and the face amount is paid to the beneficiary when the insured dies. I was a life insurance agent for 15 years.
What is a beneficiarie?
A beneficiary is someone from whom someone else knowingly benefits.
Is there a clause in a life insurance policy that pays for a home if the owner dies?
It would be possible to write an insurance policy that way if you wanted to, however, normally a life insurance policy pays a fixed amount of money (known as the death benefit) to a chosen beneficiary. If the beneficiary then wished to use that money to pay for a home, that could be done.
Why an intermediary needs to gather information from a client in shortterm insurance?
In short-term insurance client might disguise a crucial information before buying the policy, which he might disclose later to claim the amount, misguiding the insurance company.
How is deductible met?
When the insured/beneficiary (patient) pays the total deductible amount out of his own pocket. A deductible is the amount for which the patient is financially responsible before an insurance policy provides payment.
