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If you predecease the person you named on your policy who will benefit when you die?
Wiki User
∙ 15y ago
Predecease means you die before them, which would mean they get the money as you wished. If they die before you, the secondary beneficiary gets the money. It may revert to your estate at that point if no one is named. Your policy should have the specific clauses as to what and how succession happens.
Wiki User
∙ 15y ago
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What if no beneficiary is named on a life insurance policy and they have a spouse what happens?
If an insured has a policy where there is no named beneficiary, or the named beneficiary is deceased, then the benefit will be paid to the insured's estate.
If you are the beneficiary listed on an insurance policy how can a person or persons not listed on the policy contest the claim if a change of benefit form was requested but never submitted?
Legally and contractually the named beneficiary is the beneficiary.
Does life insurance become part of the estate?
The proceeds of a life insurance policy become part of the deceased's estate under limited circumstances: 1. If the named beneficiary on the policy is the estate of the insured; 2. If the named beneficiary and any contingent beneficiary(ies) predecease the insured or otherwise relinquish their interest in the proceeds.
Person listed as beneficiary?
A person listed as a beneficiary is the receiver of any proceeds from an insurance policy. They are normally named in the policy document or can be named in a will.
What is a person covered by an insurance policy?
The named insured(s).
What happens to the proceeds of a life insurance policy if there is not a named beneficiary?
The life insurance benefit will be paid to the deceased's estate.
How do you find life insurance policy with social security number?
The only way to find a person or deceased Life Insurance policy with a Social Security number is to know the name of the company that issued the policy. With that information, the beneficiary can contact the Life Insurance company and search his policy with his Social Security number. Please keep in mind that if you do not have a signed sealed death certificate the policy benefits will not be issued. Also, the death benefit will only be issued to the person named as the beneficiary. So if someone else besides the named beneficiary on the policy tries to receive the benefits, it would be impossible.
What if 3 people are named beneficiaries on a life insurance policy?
If the insurance company accepted the policy, and unless there are specific provisions for dividing the benefit, it will be equally divided between the three beneficiaries.
Can a named insured be an excluded driver on an automobile liability policy in New Mexico?
A named insured person can be an excluded driver on an automobile liability policy in New Mexico, if the policy holder wishes to remove a driver from the policy. The policy holder will have to notify the insurance company to make the changes.
What are the taxes on cash surrender of insurance?
How much is the surrender value compared to the premiums paid in? Generally speaking, there is no tax on the cash surrender value of a life ins. policy. This is because the (guaranteed) cash surrender value (GSV) represents the "legal reserve" required by law. So, for instance, if a person is insured for $100k, and the policy has a GSV of $10k, when the insured person dies (assuming no policy loans, etc.) the death benefit of $ 100k is paid to the named beneficiary: $ 90k of the insurance company's $'s, and $ 10k of the insured's $'s. Had the insured taked a policy loan of $10k, then the death benefit would be only the $ 90k. Hope this helps.
If you are covered by your parents' insurance while you have your permit are you still covered when you get your license in Virginia?
Congratulations of becoming a safe licensed driver! As lomg as you are named in their policy as a covered person, you are okay. However, you may wish to get your own policy when you can afford to do so. With so many years of good driving experience, you can benefit from better rates in the future.
In Louisiana does a divorced spouse remain an insurance beneficiary?
Yes, if the owner of the policy does not file a change of beneficiary the insurance will have to pay the proceeds to the person who is named on the policy.
