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How can the insurance co make a payment to someone else if you are the beneficiary of a life ins?
Wiki User
∙ 13y ago
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.
Wiki User
∙ 13y ago
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Could someone else have collected on your father's life insurance even though you were the beneficary?
No
Does homeowner insurance cover someone else property also from theft?
No. A homeowners insurance policy is specific to the property of the named insured.
What is the difference between life insurance and non life insurance?
Life insurance pays a death benefit when the insured party dies. So, it is insurance on someone's life. Non Life Insurance (such as home, auto, general liability) insurance covers something else other than a person's life.
Can a person insure property that belongs to someone else?
No, in order to get an insurance policy on property you need to have an insurable interest. Meaning you need to own the property or have some other interest in the property.
How do you find out what company holds your life insurance policy if someone else has the policy and wont let you have any information even the company name?
Short and sweet answer? Contact your state insurance commissioner for guidance. Be ready to provide identifying information, such as social security number (it's on the policy application), address (it's on the policy application), names of insured, beneficiary, and owner (it's on the policy application). The insurance commissioner has the power to find out for you, or at least a starting point. Assuming that "holds your life insurance policy" means that you are the insured or one of the 3 actors (insured, owner, beneficiary) on the policy, you should'nt have much of a problem getting what you need. I wouldn't even worry or even mention the party that refuses to devulge the information you want. They are not part of the equation.ANSWERThe foregoing is correct in some ways, but it does not get to the heart of the issue.The question could suggest that the person without the policy is in fact the insured and has paid the premiums. If that is the case, he/she should check canceled checks or other payment records to see to what the premiums were paid. Too, that person should check with the insurance agent with which he/she deals for other insurances to determine if life insurance was purchased as well (many agents are dually licensed for life and health and property and casualty).Sometimes, a loan application, such as for a mortgage, will ask for information as to insurance, because some lenders consider it to be an asset. Therefore, those kinds of documents should be checked to see if an insurer was listed.As mentioned above, you could approach the Consumer Services division of the state's insurance regulatory authority. However, there is generally no central registry that correlates an individual with a company that issued a policy; those records are maintained within the insurance company itself.That said, if you can show that a "fast one" may have been pulled by someone or something over which the department of insurance has jurisdiction (power), it is possible that the department could open an investigation and dig out information for you. Generally, an insurance regulator has jurisdiction over people and entities that it licenses, such as agents, adjusters, and insurance companies. However, it can also assert jurisdiction over persons who commit wrongful acts with respect to insurance transactions even if they are not licensed by the insurance regulatory authority.
Can someone other than the beneficiary forge a signature to receive payment from the insurance company?
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
What happens when the insurance company says one person is the beneficiary and after the paperwork is sent for the deceased they say someone else is the beneficiary?
== == Ask to see the change of beneficiary forms. Verify signatures.
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.
Is it possible to pay someone else's insurance premiums with your credit card?
Certainly, if that insurance companie excepts that form of payment
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.
What is a beneficiarie?
A beneficiary is someone from whom someone else knowingly benefits.
Does an insurance payment extend the statute of limitations in Wisconsin?
If it deals with the validity of the insurance agreement, yes. If it is related to a claim made by someone else, no.
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.
Who can be a beneficiary on a life insurance policy?
In general, any living or de jure entity can be a beneficiary of a life insurance policy. However, if a minor is to be the beneficiary, the beneficiary designation is generally phrased in terms of the proceeds being paid in trust to someone else for the benefit of the minor until he/she reached legal age.If the insured initiates the insurance transaction there are generally few problems. However, if the beneficiary attempts to place insurance on the life of someone else and name him/herself as the beneficiary, questions may arise, including as to insurable interest. That is, in order for someone to insure another's life, he/she must have a "stake" in that person's continued life--otherwise, it is essentially a wagering contract which can be avoided by the insurer. The "stake" that has to exist can be financial, legal, "love and affection", but must exist in a legally recognizable form.
Is it ethical for the beneficiary to own a life insurance policy on someone else ie beneficiary is making payments on 18 year old son.?
Sure it is legal. Can't you be the beneficiary of your Dad's life policy and own one on your wife, yourself and your kids too? You could also be the beneficiary of your dad's policy and own it too!
Can you cash in your brother life insurance that you been paying for?
It depends on the situation, the beneficiary set up, if he's dead or not, and what kind of life insurance you had. If he died and left the money to someone else, you don't have a claim on it at all.
What is the difference between a mortgage and monthly rent?
Monthly rent is payment for using someone else's property.A mortgage payment is payment for a loan you obtained to purchase real property that you own.Monthly rent is payment for using someone else's property.A mortgage payment is payment for a loan you obtained to purchase real property that you own.Monthly rent is payment for using someone else's property.A mortgage payment is payment for a loan you obtained to purchase real property that you own.Monthly rent is payment for using someone else's property.A mortgage payment is payment for a loan you obtained to purchase real property that you own.
