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Is it possible for someone to have a life insurance policy out on someone to benefit from their death?
Wiki User
∙ 10y ago
Well, if there is no nominee appointed or the nominee dies along with the policy holder, in that case the legal heir of the policy holder would be entitled to get the death benefits. The insurer is not bound to pay to any third party posing as claimant of the deceased,without valid proof or legally authenticated by the court of law.
Wiki User
∙ 10y ago
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Is it possible to have someone other than your parents hold the insurance policy for you until you are old enough to get your own insurance?
No
If someone took out a modified benefit whole life insurance policy in June 1998 and died in August 2008 and the policy was 5000 what is the death benefit paid?
5000 contestability period is two years
Does homeowners insurance pay off your mortgage if one of the homeowners dies?
No. For that kind of benefit you need mortgage insurance or a life insurance policy.No. For that kind of benefit you need mortgage insurance or a life insurance policy.No. For that kind of benefit you need mortgage insurance or a life insurance policy.No. For that kind of benefit you need mortgage insurance or a life insurance policy.
What can be added to an insurance policy to allowed the insured to receive a higher benefit?
Double indemnity can be added to an insurance policy to allow the insured to receive a higher benefit.
What can be added to an insurance policy to allow the insured to receive a higher benefit-?
Double indemnity can be added to an insurance policy to allow the insured to receive a higher benefit.
What happens when you out live life insurance policy?
Well, if it is a Term Assurance Policy, there is no maturity benefit. However, in Endowment Policy, you are of course entitled to maturity benefit.
What is the difference between health insurance policy and Critical illness policy?
A Health Insurance policy is a reimbursement of the medical expenses. Well Critical illness insurance is a benefit policy. Under a benefit policy upon the occurrence of an event, the insurance company pays the policyholder a lump sum amount. Under a Critical Illness policy, if the insured is diagnosed with any critical illness as specified in the policy.
What life insurance option allows someone to apply dividends to the policy to increase the death benefit?
The option to increase the death benefit with dividends is called "paid-up additions". If you select "paid-up additions" then dividends will purchase additional death benefit which will increase the total death benefit of the policy. This will also increase the cash value of the policy.
What can be added to an insurance policy to allow the insurance to receive a higher benefit?
double indemnity. -Chrly
Can you get money from your life insurance policy?
You can get money from life insurance in the form of maturity benefit and death benefit (the later being paid to the nominee).
What are the benefits of universal life insurance and what are the possible drawbacks of this type of policy?
What are the benefits of universal life insurance, and what are the possible drawbacks of this type of policy
Can anyone contest a life insurance if you are not listed as a beneficiary?
No, only the policy owner (usually the insured) can decide who the beneficiary is on a life insurance policy. Life insurance has nothing to do with a will or estate distribution after someone's death. That's why it is imperative to keep the beneficiary section updated constantly based on the life changes; too many people who get divorced forget to update their life insurance beneficiary on the policy and benefit may go to the ex-spouse. Life insurance companies are bound by the contract that is the life insurance policy to only pay the beneficiary specified on the policy. If all beneficiaries specified on the policy are deceased, then the benefit will be paid to insured's estate.
