It is usually written in an insurance policy if the policy is primary or secondary. If both policies have language that makes them secondary if other insurance is present then they may split the amount owed. State laws may change this.
You can get loan by mortgaging your life insurance policy as security or lien from bank or financial institution. The policy has to be assigned in their favor. Once you repay the loan with interest, the policy will reassigned in your favor.
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A Contingent or Secondary Beneficiary will receive the proceeds from a life insurance policy after the Insured's deaths, if the Primary Beneficiary does not survive the Insured Person. This means, if the primary beneficiary is not alive at the time of death of the insured person, then the contingent beneficiary will receive the proceeds from the life insurance policy. Examples of situations which may give rise to the contingent beneficiary receiving the proceeds from a life insurance policy. 1. The insured and primary beneficiary die in an accident together, for example, a car accident. 2. The primary beneciairy dies, and the insured forgets to update the beneficiaries for his/her life insurance policy.
If you have insurance through your employer, and you are the policy holder,(the insurance is in your name) this insurance will be primary for you, and your spouses insurance policy will be secondary. The insurance policy thru your spouse's employer, (your spouse is the policy holder, or the insurance is in their name), this would be primary for your spouse, and your policy would be their secondary. Here's the phamplet from Medicare http://www.medicare.gov/Publications/Pubs/pdf/02179.pdf
yes, simple as that.
primary and secondary
Primary and Secondary
The individual policy is always primary.
Medicare
You cannot decide which insurance is primary and which is secondary. Their is nothing you can do to determine this. Within each policy it specifies when each policy is primary or secondary. With Medicare, it is always going to be secondary to insurance provided by an employer or retirement plan.
If your daughter is listed on your insurance policy and a premium is being collected for her, then she can use your insurance. If not, she will need to use her insurance policy at work.
Till such time that you got your own insurance, your wife's policy will cover you as her dependant. But now that you have your own policy, yours will be the primary.
Matt damon XD LOLz
If you are not the primary bearifciney then they won't contact you. Say you dad named you mom as primary and you as secondary and there are no more kids. Then you mom gets the insurance money. If your mom was named ( or someone else ) was named as primary and they died prior to the insured then the secondary person gets the money. They should contact you, but if you want contact the insurance agent if you know who that is or the insurance company and tell them you dad name you on his policy. You will need the policy number and your social security number and maybe your dads address. Hope this helped.
It is usually written in an insurance policy if the policy is primary or secondary. If both policies have language that makes them secondary if other insurance is present then they may split the amount owed. State laws may change this.