0
If a minor child makes a claim on a life insurance policy and another inidividual is the designated beneficiary what consideration is given to the claim by the insurance company?
Wiki User
∙ 14y ago
The proceeds go to the beneficiary. That's why it's important to make the proper plans and trusts.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
If an ex-spouse makes a claim on a life insurance policy and another inidividual is the designated beneficiary what consideration is given to the claim by the insurance company?
The person named beneficiary is the sole recipient, the ex-spouse would not have a supportable claim to any portion of the death benefit.
If an adult daughter makes a claim on a life insurance policy and another inidividual is the designated beneficiary what consideration is given to the claim by the insurance company?
Only the beneficiary has claim to the life insurance. They were put as the beneficiary for a reason. I would see if there is a will which states who gets what. Most people leave it to one person(whome they trust completely), then leave it up to that person to designate who gets what. More than likely, once the funeral is paid for as well as the debt the deceased might have left, there might be nothing left.
Who is the beneficiary for your life insurance?
The beneficiary of a life insurance policy is the person or entity designated by you when you apply for the policy and when it is issued by the insurer.
Does a Will supersede A Life insurance beneficiary clause?
No, They are two separate legal documents with entirely different purposes. An insurance policy is a contract between the insured and the Insurance company. The insurance company is bound by the contract to pay the beneficiary designated by the insured policy owner. Life insurance proceeds are for the designated beneficiary. Heirs in a will are designated inheritance of estate by the will. A will is not a contract, it is a document of assignment.
If the person that dies listed a beneficiary instead of a son do the benefits go to the beneficiary or the son?
For an insurance policy and/or retirement benefits it goes to the beneficiary designated. For a will, there could be grounds to contest it.
What is a bank account beneficiary?
A beneficiary is the person who receives the benefit (usually money) from an insurance policy or a trust.
How do you use the word beneficiary in a sentence?
The proceeds of a life insurance policy are paid to the designated beneficiary.He was the beneficiary of a series of fortunate incidents, which left him a very wealthy man.
Who receives money from life insurance policies upon death?
Part of the process of buying life insurance involves the designation of a beneficiary-the person(s) or entity(ies) that will receive the proceeds of the policy upon the insured's death. The beneficiary(ies) can be changed during the insured's lifetime, but as of the time of death, the designated beneficiary is entitled to the proceeds. If no beneficiary has been designated in the policy, proceeds are usually paid to the estate of the insured.
What happens to the proceeds of a life insurance policy if the beneficiary is unclear?
When no beneficiary has been designated the proceeds of a life Insurance policy are assigned to the probate estate of the deceased insured. It would then be apportioned by the probate court to any surviving heirs.
When do you use grantee instead of beneficiary?
A grantee is one to whom property is conveyed. A beneficiary is one who is designated to receive something as the result of a legal arrangement or instrument (benefit from) such as a trust, insurance policy or will.
Can other immediate family members change the beneficiary of a life insurance plicy?
Immediate family members would not be able to change someone's life insurance beneficiary without power of attorney. The life insurance policy is a legally recognized document signed by the owner with a designated recipient.
Can a heir reject life insurance My brother had life insurance no beneficiary. Parent will be getting 50 percent each if one parent rejects there end will the other parent receive the full amount?
NO. Your question is a bit confusing. First you state their is no beneficiary but then indicate the parents may be the beneficiary. Normally life insurance proceeds do not go through an heirs probate process. Life insurance goes directly to the designated beneficiary outside of any probate process unless no one has been designated or the designated beneficiaries are themselves deceased. If there is no designated beneficiary at all, the life insurance will default to the estate of the deceased for probate and apportionment to the heirs. If there are 2 equal 50 percent designated beneficiaries and one rejects their 50 percent portion, that 50 percent will be assigned to the estate of the deceased for probate and then be apportioned to the heirs of the deceased. An heir can assign his or her inheritance to another heir if they so choose. If the heirs reject the proceeds of the life insurance disbursed by the estate and then also decline to assign it to another heir, then those proceeds will default to the government.
