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Proceeds are the payments of the benefit. So in other words with Life Insurance it is the death claim amount paid out.

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โˆ™ 2009-01-23 13:09:31
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Nutrition

23 cards

If you were laid off and apply for insurance coverage on your wife's group policy do you have to answer a medical questionnaire

How many grams of cholesterol should you eat each day to maintain a healthy diet

What would cause a fluttering inside the ear canal

Why is beef fat a solid at room temperature

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Q: What are insurance proceeds?
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Life Insurance Proceeds Letter?

Get StartedInsurance proceeds on the life of a


Are proceeds from life insurance og group plan taxable?

Usually, life insurance proceeds are free from federal taxes. If the beneficiary is an individual person/persons, the proceeds of a life isnurance policy are tax-free. If the beneficiary of a life insurance policy is the "Estate" of the insured person, the proceeds may be subject to estate taxes.


Does an insurance policy supersede a will in nc?

An insurance policy and a will are two separate things. The policy is a contract between the insured and the insurance company. The beneficiary of the insurance policy is spelled out in the contract. The insurance company will pay the insurance proceeds to whoever is listed to receive the proceeds. The proceeds from an insuranc policy can be paid into the estate of the deceased and disbursed according to the terms of the will. The issue is who is listed as being the beneficiary of the insurance policy.


Will my life insurance policy have to pay my student loans?

No. Life insurance is paid the the beneficiary named in the policy, your creditors have no claim against the insurance proceeds EXCEPT if the proceeds are paid to your estate.


If a decedent has life insurance are debts paid from the life insurance proceeds?

If there is a named beneficiary the life insurance proceeds bypass probate and the beneficiary will receive the money. If none is named, the proceeds are paid over to the estate. If the proceeds are paid over to the estate the debts of the decedent must be paid before any assets can be distributed to the heirs.


Can bankruptcy court get the proceeds of a life insurance policy?

The Bankruptcy Court has every right to claim the proceeds of a life insurance policy once you are declared by them as insolvent.


Are proceeds from insurance for roof replacement subject to tax withholding?

No, proceeds of an insurance claim are repayment for your financial loss. It's not considered income.


A parent dies and leaves two children as equal beneficiaries to his estate in his will. One of them is listed as a recipient of an insurance policy. Must he split the proceeds of the insurance policy?

No. The life insurance proceeds pass outside of the parent's will.


Does the person who is named Beneficiary on a Life Insurance Policy have to split the money if they are sole beneficiary on the Life Insurance Policy however in the Will states that assets be divided?

If the insured has died the proceeds from the insurance will be paid AS STATED IN THE POLICY. The proceeds of the claim are not part of the assets of the deceased's estate.


Can Mother-in-laws collect insurance proceeds before children?

insurance proceeds are distributed to named beneficiaries In addition an insurance policy of a deceased that does not have a named beneficiary will be included in the probate procedure and the state's probate law of succession will apply.


Can the beneficiary collect insurance proceeds if the insured collect illegal rebating from agent?

Though paying rebate to insured by agents is prohibited, that does not hinder in the way of getting insurance proceeds.


Can life insurance proceeds be used to pay off a home mortgage?

Yes, life insurance proceeds can be used to pay off a mortgage. Proceeds from a life insurance policy can be used for any reason. The proceeds are paid to the beneficiary, free from federal income taxes. If the policy is a mortgage protection policy it usually pays the money directly to the mortgage holding company.


Do more wives kill life insurance proceeds?

insurance


Do you have to pay taxes on a cancer insurance claim?

In the USA you do not pay taxes on the Proceeds from an Insurance Claim.


Can a inmate collect money from a life insurance policy?

Yes, even if incarcerated, you will still receive proceeds from a life insurance policy if you are the valid recipient. They will not be able to receive the proceeds if they were the cause of the insured's death.


Are life insurance benefits subject to federal income tax?

No. Life Insurance proceeds to beneficiaries are not taxable.


Can an life insurance proceeds be taken when bankruptcy is filed?

Yes


Are company paid life insurance premiums taxable?

When a person insured by a life insurance policy dies while the policy is "In Force", the death benefit is paid to the beneficiary. Life insurance proceeds are usually not subject to state and federal income taxation. But, if there is no beneficiary, the proceeds of a life insurance policy may be included in the estate of the deceased person. Then, it may be subject to state and inheritance taxes. Also, the proceeds may be subject to federal estate taxation. If you own all or part of the life insurance policy at the time of your death, the proceeds may be included in your gross estate for federal estate tax purposes. Also, federal gift taxes and state inheritance taxes may apply to life insurance policy proceeds under certain circumstances.


If you pay for your group life insurance through your employer on a pretax basis and name your husband as beneficiary are the proceeds taxable because you paid for the benefit with pretax dollars?

Insurance proceeds are non-taxable funds no matter how the premiums are paid. In Michigan, insurance proceeds received by a spouse,and only a spouse, are also excluded from household income for the Michigan Homestead Property Tax Credit.


What happens to the proceeds of a life insurance policy if there is not a named beneficiary?

The life insurance benefit will be paid to the deceased's estate.


Are taxes taken out of life insurance?

Personal life insurance proceeds are generally paid out free of income taxes as long as the premiums were paid with after-tax dollars. But if a business paid the premiums and deducted the premiums as an operating expense, then the life insurance proceeds would be taxable to the beneficiary.


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.


Do you claim the money from life insurance policies from your parents death?

If you are the named beneficiary of their life policies you do. You can call and ask the insurance companies who the beneficiary is and they will tell you that much. I presume your question had to do with claiming the death proceeds as income. If so, the answer is NO! Life insurance proceeds are received income tax free.


What happens to the proceeds of a life insurance policy if the beneficiary is unclear?

When no beneficiary has been designated the proceeds of a life Insurance policy are assigned to the probate estate of the deceased insured. It would then be apportioned by the probate court to any surviving heirs.


Can the executor get the amount of the life insurance policy?

NO.. unless the policy does not have nomination. Only nominee will get the proceeds of life insurance policy.