It is totally illegal to have two insurance policies against same contract and same beneficiary. This is a serious contravention of law and in case any claim arises, the insured's claim will be summarily rejected and will be liable for explanation for such misrepresentation of facts.
Yea, if you have two different contracts and the beneficiary is the same, you can have two different policies which is legal.But against same contract, you cannot take two policies when the beneficiary is the same which is illegal.
No, They are two separate legal documents with entirely different purposes. An insurance policy is a contract between the insured and the Insurance company. The insurance company is bound by the contract to pay the beneficiary designated by the insured policy owner. Life insurance proceeds are for the designated beneficiary. Heirs in a will are designated inheritance of estate by the will. A will is not a contract, it is a document of assignment.
Yes, a criminal can be named as a beneficiary on a life insurance policy. There is no legal restriction preventing a criminal from being designated as a beneficiary. However, some insurance companies may have their own policies or clauses that restrict payouts to beneficiaries involved in criminal activities.
You will receive the death benefit unless your brother has changed the beneficiary. Regardless of marriage, divorce, life changes, etc; unless the insured contacts their insurance company and changes their beneficiary, the money will go to the specified beneficiary; FYI- your brother would not be required to notify you as current (or ex) beneficiary if he changed the policy. Also, many life insurance policies have a primary and a successor beneficiary; the successor is the person who would receive the benefit if something were to happen to both the insured and the primary beneficiary.
The Insurance company should ideally check the validity of the relationship (whether legal spouse) at the time of issuing the contract or at the time of naming the beneficiary. Again the basic essence of Insurance contract is the valid insurable interest. I presume the Insurance contract is binding on the insurance company and the surviving spouse need to be compensated with the benefit amount of the Insurance contract.
No, the spouse is not. The beneficiary is named. There are laws that require the spouse to sign an acknowledgement that there is life insurance that she is not the beneficiary of.
Yes, It is possible to purchase insurance on behalf of the owner. The Homeowners insurance policy must be in compliance with local law. The legal owner must be the beneficiary and must be listed as the loss payee for the insurance contract to be valid.
It's the party for whom the insurance was purchased to save his interest if the contracting party was proved to be liable against him
A life insurance policy is a legal contract and is binding. Therefor unless there is fraud, there is nothing to contest.
If the individual is the beneficiary then clearly he was place as beneficiary with legal documents at some point. The only way around this contractual agreement is if signatures were forged which would nullify the contract.
Yes
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.