Can you re-phrase this question? After the policy has been paid (to the beneficiary), there is no amount left.
The policy holder has the choice to change the name of the beneficiary at any time, including after the death of a named beneficiary. If the policy holder doesn't change the name of the beneficiary after the beneficiaries death, depending on what state you live in it goes to next of kin.
In case of demise of the life insurance policy holder, only the NOMINEE is the beneficiary to get the amount. In case nomination is not done, the legal heir of the deceased person can apply before the insurance authority for the death benefit.
In case of death of the policy holder, with beneficiary already deceased and there is no will, the Insurance Company will pay only to the Legal Heir of the Policy Holder. The death claim will be kept in abeyance till the legal heir proves his legal identity to the satisfaction of the Insurance Company.
In the event of eventuality of the policy holder, the beneficiary is the nominee to get the death benefit amount. When the nominee is a minor, the appointee will act on behalf of the nominee till he/she attains adulthood to be eligible to get benefit amount. When both the policy holder and nominee die, the life insurance company will pay to the legal heir, duly certified by the Honorable Court.
If the ex-wife is the nominated person of the policy holder, she will definitely get the death/maturity benefits, no doubt about it !
If you are the "insured" or the person that is listed on the life policy for whom the premium is being collected, your "benficiary" that is predetermined by you will be paid the amount of the policy upon your death. If you are a beneficiary, then you will receive the policy amount upon the death of the insured.
Sum assured is the minimum amount payable by the insurance company in case of death of the policy holder. In such case the policy holder select the sum assured or coverage. Than it is mandatory for insurance companies to pay out this sum in case of the unfortunate death of the policy holder.
Yes. If there is a contingent beneficiary, the insurance company will need proof that the primary predeceased the principal in order to pay the contingent beneficiary. If there was no contingent beneficiary named the insurance company will pay the proceeds to the principal's estate.
The only way they are notified is by the beneficiary filing a claim with a certified death certificate and claim forms. They have no secret power to know if someone dies.
Annuitant is the original policy holder and receiver of benefits while beneficiary is the one legally authorized receiver of benefits in case of death of the annuitant.
== == == == The life insurance policy will state the face value ( death benefit ) of the policy. However, it may not state the amount that each beneficiary will receive as the number of beneficiaries may have changed since it was issued. Until a claim is paid, the beneficiaries will not know how much they'll receive.