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If the beneficiary of life insurance policy dies and there was no contingent beneficiary who does the insurance go to?
Wiki User
∙ 12y ago
The death benefit would go to the Estate of the insured. This would create a taxable event and would be part of the estate probate.
In some cases as with Fraternal Companies, the death benefit would be paid to the decedents of the beneficiary.
Wiki User
∙ 12y ago
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When talking in life insurance what does contengent mean?
In regards to life insurance, contingent usually means secondary. For example a contingent beneficiary is a secondary beneficiary, not the primary beneficiary. The contingent beneficiary would receive the proceeds from a life insurance policy if the primary beneficiary were not alive when the insured person dies.
Is wife heir of a life insurance when the beneficiary and the insured dies?
If your wife dies and she has an insurance policy with someone other than you as a beneficiary, then chances are the contingent beneficiary will receive the life insurance payment. Naming at least one contingent beneficiary on a life insurance policy will help ensure that the insurance benefits are not tied up in courts. If you don't name a contingent beneficiary, a line of descendants may be followed, depending on your state or country. You should probably speak with a life insurance agent to get answers to your specific question as it pertains to your country and state.
What is a contingeny beneficary?
A Contingent or Secondary Beneficiary will receive the proceeds from a life insurance policy after the Insured's deaths, if the Primary Beneficiary does not survive the Insured Person. This means, if the primary beneficiary is not alive at the time of death of the insured person, then the contingent beneficiary will receive the proceeds from the life insurance policy. Examples of situations which may give rise to the contingent beneficiary receiving the proceeds from a life insurance policy. 1. The insured and primary beneficiary die in an accident together, for example, a car accident. 2. The primary beneciairy dies, and the insured forgets to update the beneficiaries for his/her life insurance policy.
What is a beneficary?
A Contingent or Secondary Beneficiary will receive the proceeds from a life insurance policy after the Insured's deaths, if the Primary Beneficiary does not survive the Insured Person. This means, if the primary beneficiary is not alive at the time of death of the insured person, then the contingent beneficiary will receive the proceeds from the life insurance policy. Examples of situations which may give rise to the contingent beneficiary receiving the proceeds from a life insurance policy. 1. The insured and primary beneficiary die in an accident together, for example, a car accident. 2. The primary beneciairy dies, and the insured forgets to update the beneficiaries for his/her life insurance policy.
How do you file for a life insurance claim if the benediciary dies?
The company or agent can provide with a claim package, and the benefit will be paid to the estate unless there is a contingent beneficiary specified in the life policy.
My husband is a rider on my life insurance policy if he dies before me what do I do?
I don't understand what you mean by ''he is a rider'', do you mean he is the named beneficiary? If so and he dies prior to you, you need to name another beneficiary, or perhaps you already have a 'second' or contingent beneficiary, in that case the money would be paid to this contengient if the primary beneficary is deceased.
If a beneficiary dies first and then the insured dies which relatives of whom inherits?
It would go the the Contingent Beneficary if listed in the policy or to the Insured's Estate.
What is contingent owner on life insurance policy?
The new owner of a life insurance policy if the original owner dies before the insured.
What happens if the sole beneficiary to a life insurance policy dies after the insured dies but before the claim is processed?
The proceeds belong to the estate of the beneficiary.
Who collects when there's no beneficiary on a life insurance policy?
who collects the life insurance in a marriage when one spouse dies and theres no beneficiary on file
Who receives the benefits or money from a life insurance policy upon the death of the insured?
The beneficiary designated on the policy application is the recipient. Usually, a secondary ("contingent") beneficiary is also named in the event that the primary beneficiary dies before the insured. The estate of the deceased can also be the beneficiary if it is named as such or if there are no named beneficiaries or if all of them die before the insured. In that event, the insurance proceeds become a part of the estate and are distributed according to the insured's Last Will and Testament. If the insured dies without a Will, the estate, including the insurance proceeds, pass according to state law according to the laws of intestate succession.
What happens if the sole beneficiary on an insurance policy dies before that person and the policy is never changed?
It goes to the estate
