If two children are the beneficiaries on a life insurance policy and one is under the age of 18 who gets the money for the minor child?
No one. Each child will be able to collect their share of the money when they are 18. The money for the minor child will be kept by the insurance company until the minor turns 18. This is why it is not a good idea to name minors as beneficiaries of life insurance policies if the money would be necessary for the upbringing of the child. Either name an adult that you trust or create a life insurance trust to be named as the beneficiary.
It is a type of life insurance policy beneficiary designation in which the life insurance benefits are divided among a class of beneficiaries, typically the children of the insured. Best explanation is an example: An insured has two children, and each of those children have two kids. If his children are listed as equal primary beneficiaries, they split the proceeds 50/50. However, if one child predeceases the insured, the surviving child received 100% of the…
What is the parent's responsibility for medical bills for adult children that are on the parents insurance policy?
How do I change the beneficiaries on my life insurance policy to include my children's children in the event of my child is dead?
Essentially what you need to do is to designate your grandchildren as "contingent beneficiaries" of the insurance policy. Assuming that your child(ren) is now the only person(s) designated as the beneficiary(ies), you would need to contact the agent who sold you the policy, or the insurer itself, and request the proper form by which to add the contingent beneficiary. You would then return the completed and signed document to the agent or the insurer, as…
Your parents took out life insurance policy on you as child. You just found out at age 50. The beneficiary is parents and then sister-not 4 kids or husband. Do you have a say in this?
Can a husband change his wife as beneficiary of his life insurance policy without notifying her in the state of California?
In the state of Texas you do not have to list your child on your policy. If living in your home you can enlist a separate policy for that child. If living in another home it is never a requirement to have them on your policy although there are some policies which certain insurance companies write which require the child on your policy while living in your residence.
No. Step-children have no rights or interest regarding a step-parent's life insurance unless they are a named beneficiary on the policy. Step-children have no rights in a step-parents estate unless they are named in the step-parent's Will. In that case a step-parent can leave the proceeds of a life insurance policy to a step-child by their Last Will and Testament.
A beneficiary of a life insurance policy is not required to sign the policy or the designation of beneficiary portion of the application for insurance; the insured signs the application for insurance and designates the beneficiary. The proceeds of a life insurance policy are not payable by the insurer until the death of the insured and upon the submission of documentation specified by the insurer. As stated in the preceding answer, if the primary beneficiary…
If you loan your car to a step-child who does not live with you will the insurance company cover in case of an accident?
If a 17-year-old has his own insurance in North Carolina will his parents' insurance premiums go up?
That depends on weather or not your 17 year old has their insurance on the parents policy. It will go up if the child is on the parents policy, but if the child has their own policy, it won't. But it will be cheaper if the child is added on to the parents policy. My husband is a North Carolina State Trooper so I know alot about insurance. Also, call around and go online for…
Generally, if the child became ill after the policy became effective and was a covered insured on the policy, then the insurance company should not be able to drop coverage. If the child became ill due to a pre-existing condition that was not disclosed at the time of the policy write up, it is usually considered fraudulant information and the child can be declined coverage. Again, this is not a definative answer. Laws vary state…
How do we get a child's driving history cleared from our insurance since they have not lived in our household in over two years when we dropped them from our policy and sold the car?
Either parent could provide insurance for a child under their auto insurance policy. Alternatively, the child could obtain their own auto insurance policy if either parent is willing to countersign sign the insurance application with the child. As far as liability causation the parent who facilitated the acquisition of the automobile wold have the greater responsibility for resulting damage and liabilities.
In order for your child to have insurance coverage, your child would need to be listed as a covered person on the policy, and a premium would need to have been collected for the child. Even if both parents are insured, if your child isn't on the policy and has not been considered as a portion of the premium, then there is no coverage.
Depends on your insurance provider. You'll have to contact your agent or the company through customer service to find out what your insurance policy covers. It'll also be on your policy if you have it. Some insurance policies automatically cover infrequent drivers, others only cover primary insured. If your child is a regular driver of the vehicle, you will need to add them to the insurance at additional cost.
Are you required to keep your 18 year old child on your auto insurance policy if he still lives at home?
Usually if you own a trampoline an insurance company will not issue you a homeowners policy. It is a liability loss exposure that is above normal risk. trampolines attract neighbor children and causes very serious injuries when children fall off them. The next thing that happens is the parents of this child sue you and your insurance company has to defend you in court as well as pay damages.
How can a parent remove a child from an auto insurance policy after he's turned 18 years old and has moved away from home?
Just call up your insurance company/agent, and tell them that you request his name to be removed from your policy. They will then issue you a new policy w/ id cards. Some insurance companies require that the 18 year old has acquired auto insurance elsewhere before removing them from the parent's policy. This may prove difficult for the parent who may be forced by the insurance company to carry auto insurance on their child indefinitely…
Do you have to add an adult child to your insurance who does not live with you who is learning how to drive with a learners permit?
This is a question best answered by your insurance agent or a call to your insurance company's 800 customer service phoneline. A bit more: Unless the insurance regulations have changed since I was a licensed auto and homeowners insurance agent: If your child is of legal adult age and not living with you, then no, you don't add him to your policy. Actually, many insurance companies wouldn't allow you to include an adult child (or…
A son can not generally take life insurance policy on his father's life because of lack of insurable interest in the life of father. Life insurance works on the principle of insurable interest. A father generally has insurable interest in the life of his child due to emotional reasons. That is why life insurance companies design the products for the children which take care of their education and other expenses once they grow up.
Auto Insurance Required for Minors Yes, all drivers are required to carry proof of financial responsibility. The law does not make exceptions for minors. Not only do you "need" to add your child but legally as the guardian, you are "Required" to do so. You can obtain Auto Insurance for your child or you or you can add the child for coverage under the parents or another existing auto policy but all drivers must have…
As the driver is a minor child, the Custodial Parent or other Custodial Entity is Financially Liable for the acts of the minor child. An auto accident may or may not be covered under the Custodians Auto insurance Policy depending on whether the child is covered or excluded from coverage on that Policy.