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If there is only one beneficiary named in a life insurance policy but the benefits are being equally split is everyone involved taxed the same?
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∙ 14y ago
Under the federal tax code, proceeds from the payout of a life insurance policy for the death of an individual are not taxable. In fact, if properly planned, these proceeds are not includable as part of the estate either. State law varies on the treatment, but generally, are not treated as income.
Wiki User
∙ 14y ago
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How many parties involved in letter of credit?
The parties to a Letter of Credit are (1) the Buyer (the applicant) (2) the Buyer's bank (the issuing) (3) the Beneficiary (the seller/payee) (4) the beneficiary's bank (the ADVISING BANK). (5) the CONFIRMING BANK (often the same as the advising bank) The LC outlines the conditions under which payment (credit) will be made to a third party (the Beneficiary). The conditions are specified by the buyer and may include insurance forms, Way Bills, Bills of Lading, Customs forms, various certificates - i.e. whatever documents the Buyer feels are necessary to safeguard the integrity of the purchased product or service upon delivery. It is the responsibility of the issuing bank to ensure, on behalf of its client (the Buyer), that all documentary conditions have been met before the Letter of Credit funds are released. In effect, a basic Letter of Credit is a financial contract between the bank, the bank's customer, and the beneficiary, and this contract* involves the transfer of goods or services against funds.
What are the benefits of an automated billing system?
There are many benefits to using an automated billing system. Some of which include the ability to reduce the size of staff involved in the billing process which would reduce salary expense. In addition, it could also allow staff members to focus their attention on other activities instead.
Why is the corporation the favorite form of business organization in the US?
From a tax standpoint, there are some benefits for a small business to form a corporation, of course there are different forms of corporations and the benefits differ. The primary reason and benefit in forming a corporation is the limited liability involved. A corporation is like an individual taxpayer or person in that if the corporation is sued from some reason and don't have enough insurance to cover the loss, the suit cannot generally take the assets of the business owners except for the value of their ownership in the business. A business owners home and family are protected from attachment due to this issue. They may loose their business but not everything in their life.
What is a bank account held by one person as custodian for another?
It usually means that an adult has opened an account for a child and has the ability to add/subtract or "control" the account for the child. Can also be for adults; ex-when a large amount of money is involved and custodian wants to limit beneficiary's access. Basically, someone besides the account holder who has access to and can change said account.
How long does it take for a insurance company to process a annuity benefit claim?
It will vary based upon the company and any complexities encountered in processing, such as claims by multiple claimants. However, because annuities are essentially insurance products, State insurance regulators regulate them. State statutes generally provide a time frame for payment. If the time frame cannot be met, the same statutes normally also have provisions for notifying the parties involved as to what further material is needed or other procedures to be followed.
Will an insurance company pay after a homicide?
Insurance companies will not pay if the beneficiary is convicted of the homicide. Most insurance companies will pay the beneficiary if that person was not involved and the policy does not exclude homicide as the cause of death.
Can criminal be a beneficiary on a life insurance policy?
Yes, a criminal can be named as a beneficiary on a life insurance policy. There is no legal restriction preventing a criminal from being designated as a beneficiary. However, some insurance companies may have their own policies or clauses that restrict payouts to beneficiaries involved in criminal activities.
A relative died living you the beneficary but you are not sure what insurance company how do you find out?
You may be the beneficiary of the will and there may not be any insurance. If you were named on an insurance policy, the insurance company will find you. They have your name and probably your address, both of which are required to name you as the beneficiary. Also contact the executor of the will, as they may have records on the policies involved.
In the state of Florida how do you get your ex-spouse off as the beneficiary?
The Florida Probate Code In Florida, divorce does not remove the ex-spouse as beneficiary under a life insurance policy. Florida takes the position that the life insurance policy is a contract and should not be interfered with unless fraud is involved. Check your insurance policy to be sure who you have named as beneficiary. Do not rely on the numerous statutory probate codes to determine who will get the insurance proceeds. If you want to change the beneificary of your life insurance policy and the divorce decree is final, complete a new beneficiary form, keep a copy and send it to the insurance company.
Can my husband remove me from his life insurance and put his girlfriend on it as beneficiary instead?
It depends, sometimes through a divorce the courts force him to have a life insurance policy when there are children involved. Besides that, any insured can change their beneficiary as long as there is an insurable interest.
Who benefits from no-fault insurance?
Anybody involved in an accident. Damages are covered regardless of fault.
Does a secondary beneficiary only receive funds from a life insurance policy if the primary beneficiary has already passed?
Yes. A secondary beneficiary only becomes beneficiary if the primary beneficiary dies before the insured. Say the insured and primary beneficiary are involved in a fatal auto accident but the insured dies an hour before the primary beneficiary. The insurance proceeds would not go to the secondary beneficiary but to the estate of the primary beneficiary. If the primary beneficiary dies an hour before the insured then the secondary beneficiary receives the proceeds. If an insured wants both to receive monies they can name more than one person as primary beneficiary and in what percentage for each person. They could also leave it to their estate and handle distribution by a will.
Can a husband change his wife as beneficiary of his life insurance policy without notifying her in the state of California?
Yes. The owner of a life insurance policy can change the beneficiary at any time. If there are divorce proceedings or child support involved, these things matters often include court orders preventing the change of beneficiaries.
Can I get good benefits at a Construction Career?
Possibly. Several larger construction companies are UNION. Generally speaking when UNIONS are involved, health insurance and often dental, life and vision insurance are offered as benefits.
Can minor be beneficiary of death insurance benefits if so is court approval required for distribution?
Ordinarily, if a minor were to be a beneficiary of a life insurance policy, the beneficiary designation would read something to the effect of: To (adult) in trust for (minor). Note further that ordinarily, life insurance proceeds pass to the beneficiary outside of the estate. Therefore, the probate court would not initially be involved. All of that said, if the proceeds are sizable, it may be a good idea to have an attorney prepare a trust agreement. This would designate the identity of the trustee and an alternate trustee and specify permitted and prohibited powers. Doing so protects the minor child as he/she can enforce the terms of the trust agreement if there is a deviation by the trustee. It also protects the trustee as it defines the precise scope of powers.
How do you handle life insurance in an estate without a will?
With life insurance, it does not matter if there is or is not a will, because life insurance proceeds are paid directly to the named beneficiary and not to the estate. The named beneficiary obtains a certified death certificate and submits it to the insurance company with the appropriate application form provided by the insurance company. The estate has no rights to the proceeds and would not even be paid to the estate. The only way the estate would be involved is if all named beneficiaries had predeceased the decedent or if the policy names the estate as the beneficiary. In that case, one of the heirs as defined in that state's laws would apply to be the administrator (if there is no will) or executor (if there is a will) and receive the proceeds.
Who are the participants of insurance markets?
There are five basic participants involved in a life insurance contract. # Contract (policy) Owner# Agent# Insured# Primary Beneficiary# Secondary Beneficiary---- The Five Participants: 1. Contract owner The contract owner is the person that actually owns the insurance policy. 2. Agent The insurance company (see notes below) 3. Insured The Insured is the person whose life is being insured. 4. Primary Beneficiary The primary beneficiary is the person who receives the death benefit when the insured dies. 5. Secondary Beneficiary The secondary beneficiary is an alternate beneficiary that will receive the death benefit if the primary beneficiary previously died. ---- An Example: For example, a wife may purchase a life insurance policy on her husband. The wife would be the owner and the husband the insured. She may name their children as the primary beneficiaries. In this case the children, not their mother, would receive the death benefit when their father dies. On the other hand, if the wife had listed herself as beneficiary and the children as the secondary beneficiaries, the wife would receive the death benefit. Then had the husband and wife died together, say - in a car accident; the children, as secondary beneficiaries, would receive the death benefit on the life policy on their father. ---- Notes:There are two parties in an agency relationship: 1. The party being represented - the client 2. The party doing the representing - the agent An insurance agent represents his client - the insurance company. The insurance purchaser is the insurance agent's customer. The purchaser is the client of the insurance company.
