0
Is it legal for Seniors to sell their excess Life Insurance Capacity to an institutional investor with the understanding the beneficiary of the policy is who they get money from?
Wiki User
∙ 15y ago
Yes, it is legal, and it's called a Life Settlement.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
Can a named beneficiary on an accidental death insurance policy be disputed by the other beneficiaries?
Keep in mind that anyone can dispute anything almost anytime. The answer is yes, but the disputing beneficiaries would have to claim and prove the disputed beneficiary unduly influenced by that beneficiary to be added to the policy or that the insured made the change when he/she lacked the mental capacity to do so. There are other legal theories to be used in such a case as well.
Must a person have contractual capacity to be a beneficiary of a trust?
Answer: Minors may be beneficiaries of a trust.
What is the word for capacity for understanding?
uptake
What is the towing capacity of 2003 Sequoia?
From my understanding the towing capacity of a 2003 Sequoia is 6300#.
What happens to the life insurance proceeds when it is left to a minor child?
Generally, a minor child does not have the "capacity" (the legal ability) to accept insurance proceeds. This is similar to a minor not having the capacity to enter most contracts. The best bet in this situation is to change the beneficiary designation on the policy to one or both of the parents in trust for the child. You would have to contact the agent or the insurer to change the beneficiary designation, but this is a simple process to do-yet it must be done in writing. Along with this, you may want to consider having a trust created to serve as the depository of the proceeds. Ideally, this should be done by an attorney, but a simple one would not be costly.
Will a note in a Last Will and Testament such as I did not consent to beneficiary John Doe receiving life insurance be effective in stopping insurance benefits from being paid on your death?
The named beneficiary in a life insurance policy is presumptively the correct recipient of the death proceeds. Therefore, all other things being equal, the insurer will pay the proceeds to that person upon receipt of proof of death, a completed claim for death benefits, and all other required material. The beneficiary may generally be changed at any time prior to death, so if there is a change of heart as to who is to get the proceeds, it should be done during the lifetime of the insured on a "change of beneficiary" form prescribed by the insurer and returned to the insurer. If the beneficiary of the policy is shown as "the estate of" the named insured, proceeds will generally be paid to the estate via the personal representative. In general, proceeds will become a part of the estate and pass according to the provisions of the Will. If, prior to death, it is determined that someone prevailed upon the decedent to name him/her as the recipient of the life insurance proceeds that may be paid to the estate, the best route is prepare a codicil to the Will that clarifies the decedent's intentions. Most states require that a codicil be signed with the same formalities as the original Will. A potentially complicating factor is whether the decedent had the capacity (i.e. mental wherewithal) to execute the codicil--especially if he/she could have been taken advantage enough to have been talked into naming someone as a beneficiary to the life insurance policy that they did not really want. This issue of capacity could end up being litigated in probate court.
Could you contest a beneficiary name change on a life insurance policy if the insured killed themselves less than 24 hours after the change?
You can try but if it was the insured wishes that the beneficiary be changed, then there may be nothing you can do. That said, suicide may suggest mental instability, and in turn, that can impact the legal capacity of the insured to have rationally considered the implications of the change in beneficiary. For example, if the insured was mentally unstable, he/she may have been more susceptible to the influence of another (presumably, the new beneficiary). Those circumstances could lay the basis for an argument that the new beneficiary employed "undue influence" to get the insured to change the beneficiary designation. On the other hand, the change in beneficiary implies that the decedent wanted to settle his/her affairs before their impending death and had the presence of mind to make a beneficiary change. Not all suicides result from mental instability. A person has the right to choose their beneficiary. It would take a court trial to prove "undue influence" and those types of actions can be extremely costly.
What are underwriters?
Underwriters are the folks who acces a risk or an insurance application and determine if it meets the Insurance companies underwriting guidelines and capacity for the coverage selected.
Mom died and dad who has lots of money won't help me in any way. How do I take my mom's share and how do you find out if there was insurance money or a settlement for her wrongful death?
If your dad was your mother's sole heir under the laws of intestacy (dying without a Will) or sole beneficiary under a Will or trust, or sole designee under a beneficiary designation, then you probably can's "take your mom's share." You might be able to challenge beneficiary designations if your mother didn't have capacity, but that would be exceedingly difficult, it being natural for a wife to leave her estate to her husband. The only way you could find out, absent your dad disclosing information, would be to file a lawsuit.
Does an executor get anything from the estate?
The executor does not have to be a beneficiary. The court can appoint any responsible person to serve in that capacity.
What is an agent fiduciary capacity?
To sell variable life insurance policy polices, agent must recieved
What is a statement about disability insurance?
Disability insurance will replace your income loss by paying a monthly benefit in case you are too sick or hurt to be able to work at full capacity or totally disabled.
