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No. They are separate. Beneficiaries are those who are entitled to an inheritance. The Executor carries out the will. * A person(s) named as a beneficiary on a life insurance policy receives the money directly from the insurer. Such policies are not subject to probate procedure.

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โˆ™ 2006-04-07 02:46:53
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Q: Is the beneficiary also the executor of the life insurance?
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Can the beneficiary on a life insurance policy be changed by the executor?

No, the beneficiary of a life insurance cannot be changed by the executor unless he's the owner of the policy. The proceeds of a life insurance policy, unless the benefciary of the policy is the estate, are not subject to any conditions of the will. It is outside of probate.


If the beneficiary of a life insurance died before the policy holder and there was no contingent beneficiary does the life insurance go the next of kin or to the estate?

The life insurance proceeds must enter the estate, The Executor of the estate will then determine how, when and to whom it should be dispersed.


Can you have a secondary beneficiary on your life insurance?

Yes, you can have a secondary beneficiary on your life insurance policy. If the primary beneficiary is no longer living when you pass away, the secondary beneficiary would receive the proceeds from your life insurance policy.


Is the surviving spouse the legal beneficiary of a life insurance policy if no one is named beneficiary?

The policy would default to the Estate. which in most cases the spouse would be the executor of the estate. however, it would have to go through probate court first, so you always want to have a primary beneficiary a life insurance policy.


Legally does the life insurance carrier have to notify someone who is named as an executor of a life insurance policy if they are different than the beneficiary or spouse?

Although there is no legal requirement in some states, an insurance company will answer questions from the executor of an estate, owner of the policy, or whoever had power of attorney over the policy at the time of the insured's death. The beneficiary has no right to any information on a policy until a claim is to be paid to them.


What happens if there is no benificiary for a life insurance policy?

If there is no living beneficiary then the beneficiary becomes the estate of the insured. If there is a will the administrator of executor will have the benefits to pay for last expenses and then pay out as the State Law mandates. If there is no will the magistrate or probate court will assign an administrator or executor to handle these items.


Do you have to have a beneficiary on your health insurance?

In general, no. You only need a beneficiary for life insurance.


What is the executor on a life insurance policy?

The Policy Holder of a life insurance policy is the executor of the said policy.


Who can legally change the beneficiary on a life insurance policy?

The Insured can change the beneficiary on a life insurance contract.


Does a beneficiary on a life insurance prevail over a will request?

Yes! The beneficiary on a life insurance policy does not have to be included in a will in order to receive the life insurance benefits.


How old does a beneficiary have to be for to receive payment from a life insurance policy?

There is no age restriction for a beneficiary on a life insurance policy.


Is the executor of a deceased beneficiary entitled to the Policy?

In case of demise of the life insurance policy holder, only the NOMINEE is the beneficiary to get the amount. In case nomination is not done, the legal heir of the deceased person can apply before the insurance authority for the death benefit.


Who receives life insurance the beneficiary or absolute assignee?

beneficiary


Is surviving spouse the legal beneficiary of a life insurance policy if a different beneficiary is named?

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.


Who is the beneficiary for your life insurance?

The beneficiary of a life insurance policy is the person or entity designated by you when you apply for the policy and when it is issued by the insurer.


Is life insurance taxable?

Life insurance proceeds paid to a beneficiary is not taxable. However, if the life insurance beneficiary is a trust or estate, there may be some tax implications.


Is life insurance consideredpart of the estate?

If the insurance policy owner did not specify a beneficiary or the beneficiary is deceased, then the life insurance proceeds go to the insured's estate.


When talking in life insurance what does contengent mean?

In regards to life insurance, contingent usually means secondary. For example a contingent beneficiary is a secondary beneficiary, not the primary beneficiary. The contingent beneficiary would receive the proceeds from a life insurance policy if the primary beneficiary were not alive when the insured person dies.


When referring to life insurance what is the definition of a beneficiary?

When referring to life insurance, a beneficiary is a person specified by the contract holder. This beneficiary will receive the benefits if the primary beneficiary has died at the time the benefit is to be paid.


Can you contest a life insurance beneficiary change?

The owner of a life insurance policy has the right to choose the beneficiary. Another person has no power to change that choice.


What is a 2nd beneficiary of life insurance and retirement plans?

A secondary beneficiary is a person who would receive the benefits of a life insurance policy or retirement plan in the event that the insured person dies and the primary beneficiary has also passed away. Then, the secondary beneficiary would receive the benefits.


Can you name someone older than you as your beneficiary on your life insurance policy?

Yes. You should also name a contingent beneficiary in case the primary beneficiary predeceases you.


If a life insurance policy names a son as executor and primary beneficiary are the proceeds paid to him as an individual or as executor to the estate?

If this is a hypothetical question - that is the insured is alive - then you should get it CLARIFIED and properly name the beneficiary in the mannner the insured wants his estate handled. If not, please send a copy of the beneficiary page so we can see exactly what was written. The proceeds most likely would be paid to son as beneficiary.


Can a lover be a beneficiary in a life insurance?

You can make anyone you want the beneficiary.


What if the beneficiary of a life insurance is deceased?

When a life insurance policy is purchased, the purchaser (usually the insured) designates a primary beneficiary and a contingent beneficiary. The contingent beneficiary gets the proceeds if the primary beneficiary predeceases the insured. The insured can name a new primary beneficiary by contacting the insurance company or the insurance agent. THIS IS ONLY TRUE FOR PURCHASED LIFE POLICIES___ NOT POLICIES THROUGH AN EMPLOYER UNDER ERISA.