I need to know how much the policy is worth and also to change the beneficiary. I am Mary Molewski a retired employee from Fieldcrest Cannon.
Key Man life insurance could be either on a term or permanent life plan, where the beneficiary is the employer. The funds can be used by the beneficiary company to hire and train a replacement for the key person employee.
The possessive form for the noun beneficiary is beneficiary's.
where is infomation on beneficiary
The plural of beneficiary is beneficiaries.The plural of the singular noun beneficiary is beneficiaries.
No. A beneficiary has no authority to name a beneficiary of another's property. Only the principal can name the beneficiary. Generally, if the primary beneficiary declines to accept the inheritance then the gift will lapse and the property will be included in the estate.
Incase something happens to the first beneficiary. Such as: they pass away.
It means that if you want to change the beneficiary, the beneficiary themselves must sign off on it.
If I m listed on my ex husbands employee life insurance after 10 years can i keep it. Check was issued to me
If the beneficiary of a policy has died, the estate of the beneficiary can still collect the insurance payment, assuming that the beneficiary does have an heir or heirs of some kind (as most people do). Note that this is a fairly unusual situation, because normally when a beneficiary dies, a new beneficiary is named. There is no reason to allow the policy to have no living beneficiary, unless the insured and the beneficiary happen to die at about the same time, and there is no time to name a new beneficiary.
Generally, if the beneficiary is deceased, the proceeds go to the contingent beneficiary, or if none, to the estate of the insured. An attorney must be consulted to direct you on how to handle this in your state. It depends on whether the beneficiary predeceased the insured. If the beneficiary died before the insured then the proceeds go the the contingent beneficiary. If there is not a contingent, check the contract, it probably is paid to the Owner of the Estate of the Insured. If the Beneficiary died after the Insured, the proceeds go to the Beneficiary's Estate. It is important to have a contingent beneficiary specified in your life insurance policy. This way, if the beneficiary passes away, the contingent beneficiary will benefit. If there is no contingent beneficiary, and the beneficiary has deceased, the proceeds of the life insurance policy, go to the estate and is distributed according to the Will.
As long as you did not make your beneficiary irrevocable, you can just change your beneficiary. If your beneficiary is irrevocable you are out of luck unless you can get them to authorize the change.