In that case the benefit would be paid into the beneficiary's estate, though that doesn't necessarily mean their heirs will receive it.
However, if there is a contingent (secondary) beneficiary they would receive the benefit.
The insured can never amend his insurance policy without the consent of his irrevocable beneficiary because this act would lessen or diminish what is due to the irrevocable beneficiary and thus considering that this is a diminution...consent of the IR beneficiary is necessary.
If the beneficiary of a life insurance policy predeceases the insured, the insured should make arrangements to name a new beneficiary. If they do not, the policy proceeds will become part of their estate if they die without naming a new beneficiary. You should consult with the insurance company.
The proceeds of the insurance policy are not effected as long as there is a named beneficiary. If the estate is the beneficiary than the proceeds are subject to probate and taxation.
The insurance proceeds would be part of their estate and would pass according to their will or by intestacy to their next-of-kin.
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.
No. You must have the signature of the insured person.
Yes. The policy is controlled by the "owner"of the policy. If the insured person is the owner, then the beneficiary should be written as "irrevocable." An "irrevocable" beneficiary can only be changed with the consent of that beneficiary, regardless of who the policy "owner" is. Hope this helps.
He would have to fill out a medical questionnaire and sign the application. The insured individual has to consent to having their life insured. The wife doesn't need to know about it, but he would have to.
You are very entitled. But they do not have to tell any information about the policy, without consent of the insured. Yes, if the insured person has passed and you are the beneficiary, you should call the insurance company and go through their steps to claim the benefit. It is the responsibility of someone that knows the Insured has passed to inform the Insurance Company. If no one tells them, they will assume that the insured no longer wants the policy and they will cancel it. It will require you to show a signed sealed death certificate and possibly other documents. It is sometimes different for each company. They then will issue a check to the person(s) listed on the policy as the beneficiary.
You cannot purchase insurance on someone without their knowledge and participation. The insured has to answer the underwriting questions in person and sign the application in the presence of the insurance agent. The insured does not have to be the policy owner or payer. The owner is the only person that can make changes to the policy including changing beneficiary, address, payment method, etc.
Some life insurance policies have an "irrevocable" clause, meaning, once you designate a beneficiary, that's the only beneficiary that can be designated. Stated otherwise, the owner of the policy cannot him/herself change the beneficiary without the consent of the beneficiary (hence, the use of the term "irrevocable"). If that consent can be obtained, the insurer will have forms that must be completed with a great degree of formality, in order to effect the change. The insurer will be concerned that all formalities are observed so that when the insured dies, it is not faced with conflicting claims to the proceeds.
Does it matter who signs the check to pay for a policy, either the insured or the beneficiary for tax purposes.
A trustee and a beneficiary are essential to a trust. Without a trustee and a beneficiary there is no valid trust. They should not be the same person.
If the car you are driving is insured then you are not driving without insurance.
No. The court appointed executor has the legal authority to manage and settle an estate without interference from the beneficiary.No. The court appointed executor has the legal authority to manage and settle an estate without interference from the beneficiary.No. The court appointed executor has the legal authority to manage and settle an estate without interference from the beneficiary.No. The court appointed executor has the legal authority to manage and settle an estate without interference from the beneficiary.
Who was insured? The bottom line is whoever was named as beneficiary gets the benefit. If they have deceased and there is no named beneficiary then it would go to the estate. Some companies may pay it to the lineage. 4LifeGuild
I assume you mean a life insurance policy. First, no one can take out a life insurance policy without you personally answering the questions on the application then signing the application with a witness which usually has to be the licensed insurance agent. Secondly, the beneficiary has to have what is called an insurable interest. This means that they have to have a financial dependency on the insured person. This is where the person who would be the the beneficiary would have a financial loss if the insured happened to die like in a married couple situation. This prevents people from taking out insurance policies on anyone and basically betting they will die.
Your question is kind of vague but basically if you are the owner or beneficiary of the policy the insurance company will discuss the beneficiary with you.
Providing you DO NOT live at the same address as the insured (in Massachusetts)
Generally no. The insured must generally sign the application and take a physical. There are a FEW speciality policies that might do this. Here's ONE. http://www.piu.org/pdf/Confidential%20Life%20501.pdf It won't do spouses though. For more info see www.SteveShorr.com/life.htm Of course he can take her off the policy and he can do that without her notice.He can have anyone at all as beneficiary
Yes. The primary listed insured is also the owner of the policy. The primary insured can add or remove additional insureds as they see fit.
An irrevocable trust is a trust agreement than cannot be changed without the permission of the beneficiary. The grantor of the trust transfers all rights of the property transferred to the beneficiary.
Is driving without insurance
Under normal circumstances the named beneficiary collects the proceeds from a life insurance policy without court intervention.