answersLogoWhite

Top Answer
User Avatar
Wiki User
Answered
2012-05-22 05:47:25
2012-05-22 05:47:25

No, the policy is delivered to the owner and only the owner has to sign, acknowledging receipt of the policy.

001
๐Ÿฆƒ
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0

Related Questions


No. You do not own the policy. You will only receive the policy proceeds after the insured person dies.


Yes, there is no bar in the insured person being beneficiary on another insurance policy.


A "Named Insured" or "Insured" should defined by the policy and listed in the Definitions section of your policy. Generally it is the person listed on the declarations page, and permanent residenants of your household.


The beneficiary benefits financially from the life insurance policy by receiving the proceeds of the policy. The beneficiary is the person(s) or entity who is designated by the insured person to receive the proceeds from the life insurance policy upon the death of the insured person. The insured person also benefits from knowing (peac eof mind) they have secured financial protection for the beneficiary in case the insured person dies.


Co-InsuredThe "Co-Insured" is another person or entity that is also covered under your insurance policy.



The person who took out the policy is the main or policyholder. Any persons added to the policy are considered additionally insured.


The "insured" refers to a person or persons who are listed on the insurance policy for whom a premium is being collected.


The question does not really involve "should". The direct answer is "no". Using life insurance as an example, the owner of the policy is often the person who pays the premium. The insurance contract gives the owner various rights, such as to initially designate the beneficiary, change the beneficiary, pledge the policy as security for a loan, and other acts. The insured is the person whose life is, well, insured. Stated otherwise, this means that when the insured dies, the insurance company generally pays the death benefit to the beneficiary.


The person can be called Policy Holder,Insured, Life Assured as the case may be.


The insured is the person or entity who is covered by the insurance policy. The insurer is the entity (insurance company)that pays to, or on behalf, of the insured for a covered loss. That which is covered by the policy is set forth in the insurance policy.



Only the POLICY OWNER can change the beneficiary on a life insurance policy. In most cases, the insured is also the policy owner, but it's not a general rule. The policy owner can be another person who is paying the premium (for example, a parent or guardian, spouse or other family member), or a bank, or a business. If the policy owner is not the same person as the insured, then the insured has no control over who the beneficiary is on the policy.


The insured or the insured's legal guardians (such as parents) is the policy "owner".


No, a homeowner's policy lists both a named insured and an insured location.


Individual added to a life insurance policy other than the insured named in the policy. For example, an insured father can have a dependent son and daughter added to the policy as additional insureds. In many instances, adding an additional insured to an existing policy is less expensive than purchasing a separate policy for that insured. In property and liability insurance: another person, firm, or other entity enjoying the same protection as the named insured.


When a insured person is not able to pay his/ her premium on time then his/her policy got surrendered by the insurance company. If after some time that insured person comes to company and ask to revive the policy then this revival/ reactivation is called reinstatement of the policy.


Only the owner of the life insurance policy can change the beneficiary designations. In many case the owner is the insured. Check your policy for the definitions or call your agent.


I think that if a person is insured and lives in the same household than you shouldn't have to exclude them from driving your car if they are a relative


A life insurance policy is a contract between the insurer and the person purchasing the policy. The latter may be the insured or some third party who has an insurable interest in the life of the person who is insured. Essentially, an insurable interest means that the person who purchases the policy has a "stake" in the continued life of the person insured. That "stake" may be financial (for example, a child's or spouse's financial dependence upon the insured's earnings), "love and affection", and various relationships in between as recognized by state law. A person always has an insurable interest in his/her own life, so the beneficiary of the policy may always be the estate of the insured. Barring unforeseen circumstances, then, a life insurance policy is payable to the person named in the policy as the beneficiary. If that person predeceases the insured and no contingent beneficiary has been named, the proceeds normally are paid to the estate of the insured upon his/her death. If that happens, the proceeds become a part of his/her estate and are distributed according to the directives of the Will, or in the absence of a Will, according to laws of descent and distribution of the state in which the insured died.


You cannot purchase insurance on someone without their knowledge and participation. The insured has to answer the underwriting questions in person and sign the application in the presence of the insurance agent. The insured does not have to be the policy owner or payer. The owner is the only person that can make changes to the policy including changing beneficiary, address, payment method, etc.


You are very entitled. But they do not have to tell any information about the policy, without consent of the insured. Yes, if the insured person has passed and you are the beneficiary, you should call the insurance company and go through their steps to claim the benefit. It is the responsibility of someone that knows the Insured has passed to inform the Insurance Company. If no one tells them, they will assume that the insured no longer wants the policy and they will cancel it. It will require you to show a signed sealed death certificate and possibly other documents. It is sometimes different for each company. They then will issue a check to the person(s) listed on the policy as the beneficiary.



If you are the "insured" or the person that is listed on the life policy for whom the premium is being collected, your "benficiary" that is predetermined by you will be paid the amount of the policy upon your death. If you are a beneficiary, then you will receive the policy amount upon the death of the insured.


A named insured person can be an excluded driver on an automobile liability policy in New Mexico, if the policy holder wishes to remove a driver from the policy. The policy holder will have to notify the insurance company to make the changes.



Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.