I assume the policy holder is the insured? Has the insured died? If not, It is time to change beneficiaries. Seek out the help of your agent to make sure you choose a properly named beneficiary. If the insured has died, there would have been a contingent beneficiary. All you need to do is contact the claims department of the insureds insurance company. If you are not the policy owner or the beneficiary, you are going to be limited in what info you can obtain but you can initiate the claim. 4lifeguild
The policy holder has the choice to change the name of the beneficiary at any time, including after the death of a named beneficiary. If the policy holder doesn't change the name of the beneficiary after the beneficiaries death, depending on what state you live in it goes to next of kin.
When the policy holder dies, the money goes to the beneficiary. If the beneficiary then dies, THEIR beneficiary then gets the money.
The next of kin to the policy holder will get paid for the policy.
the person in whose name the policy is issued legally is known as policy holder the person who gains insurance cover is known as beneficiary ,it may be himself or dependents(nominees)
The holder is the owner, In the case of Life Insurance , the person paid is the beneficiary .
Can you re-phrase this question? After the policy has been paid (to the beneficiary), there is no amount left.
If the girlfriend is still alive then she can change her beneficiary. If she died and didn't change her beneficiary then you may have a claim if her estate went to your father. You should speak to an attorney. You refer to a "policy holder" in your question as well as an "estate". If the subject is a life insurance policy and your father was the beneficiary but was deceased when the insured died then be aware that the girlfriend probably named a contingent beneficiary on her policy.
I think that you're refering to an "irrevocable" beneficiary. This means that the beneficiary designation can only be changed if both the policy holder (owner) AND the current beneficiary sign off on it.
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.
In any life insurance policy, though there is provision for appointment of nominee, on maturity the proceeds will be payable to the policy holder if he/she is alive. By this way, the owner of the policy and the beneficiary is the same person.
The owner of the policy can change the beneficiary of the policy. If the original beneficiary has died before the insured, the owner of the policy can designate a new beneficiary at any time.
Yes. If there is a contingent beneficiary, the insurance company will need proof that the primary predeceased the principal in order to pay the contingent beneficiary. If there was no contingent beneficiary named the insurance company will pay the proceeds to the principal's estate.
the house is paid off and given to the beneficiary
Do you mean as owner or as beneficiary? Either way, yes.
If the beneficiary of a policy has died, the estate of the beneficiary can still collect the insurance payment, assuming that the beneficiary does have an heir or heirs of some kind (as most people do). Note that this is a fairly unusual situation, because normally when a beneficiary dies, a new beneficiary is named. There is no reason to allow the policy to have no living beneficiary, unless the insured and the beneficiary happen to die at about the same time, and there is no time to name a new beneficiary.
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.
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.
If the ex-wife is the nominated person of the policy holder, she will definitely get the death/maturity benefits, no doubt about it !
The beneficiary of a life insurance policy is solely up to the policy holder. It's not very likely that the insurance agent would give advise other than to inform the policy holder that they have the right to designate any person they wish as their beneficiary. Although you could certainly sue almost anyone for almost anything, Winning the suit is another matter.
Yes. The company or investor will then become the beneficiary to the policy, pays the premiums and collects the face value of the policy after the original policy holder dies.
only if there is no beneficiary named on the policy, or if the beneficiary(ies) deceased before the insured.
No your spouse does not need to be your beneficiary. Most claims checks are paid to the policy holder. Disability pays benefits while you are alive, but unable to work. The beneficiary designation comes into play only rarely.
It goes to the estate
In that case, the money will be kept deposited with the insurance company as unclaimed amount. In absence of the beneficiary, the insurance company can pay the money to the legal heir of the policy holder, but that has to be sufficiently proved in the Court of Law.
In the event of eventuality of the policy holder, the beneficiary is the nominee to get the death benefit amount. When the nominee is a minor, the appointee will act on behalf of the nominee till he/she attains adulthood to be eligible to get benefit amount. When both the policy holder and nominee die, the life insurance company will pay to the legal heir, duly certified by the Honorable Court.