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What does it mean when it asks if your life insurance policy is assigned?
Wiki User
∙ 15y ago
It usually means that you have pledged or sold the end of life benefit from the policy to guarantee an obligation such as a loan. Otherwise, there is not much difference between an assignment and a beneficiary; You die, and the policy benefit gets divided up between the beneficiaries and assignees. Some insurance carriers don't make a distinction between the two.
Assignment rules vary among insurance carriers, so if you are being asked to make an assignment, you may want to ask your carrier first. In any event, the carrier will require that you make the assignment or beneficiary change yourself; a third party can't do it.
Wiki User
∙ 15y ago
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Who pays the premiums after life insurance is assigned?
If ownership of the policy is assigned, the assignee is liable for future premium payments.
Can anyone but the insured of a life insurance policy change the beneficary on a life insurance policy?
Yes, the policy owner can change the beneficiary. Sometimes, the person insured and the policy owner are not the same person, if someone else pays the premium for the insurance policy. For example, a parent or guardian taking an insurance policy on spouse or children. Some insurance policies are assigned to cover bank loans, and even if the insured may pay the premium, the bank can be assigned as the owner of the policy; in that case the bank decides who the beneficiary is going to be (usually in this scenario, the bank will also be the beneficiary).
What is life Assurance policy as a security?
You can get loan by mortgaging your life insurance policy as security or lien from bank or financial institution. The policy has to be assigned in their favor. Once you repay the loan with interest, the policy will reassigned in your favor.
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.
It is not important to have a life insurance policy.?
It is not important to have a life insurance policy.
What is the executor on a life insurance policy?
The Policy Holder of a life insurance policy is the executor of the said policy.
Can you get life insurance while on felony probation?
Try to get an accidental death policy. They are usually pretty liberal with the underwriting. You can also buy a small whole life or burial policy from an insurance company that only asks four to six underwriting questions.
Life Insurance Policy?
form_title=Life Insurance Policy form_header=Protect your loved ones with a lifetime of financial security. Find a life insurance policy customized to fit your needs. What type of life insurance policy do you want to buy?= () Term Life Insurance () Permanent Life Insurance () Both () Not Sure How large of a life insurance policy do you want to buy?=_ Who will it cover?=_ Who would you list as beneficiary?=_
What is portable life insurance?
A life insurance policy is "portable" when upon leaving the group policy, you transfer your life coverage to an individual life policy with the same insurance carrier with no changes to the policy or increase in premium.
What policies are offered by General American Life Insurance?
There are many policies offered by General American Life Insurance. These include the Variable Life Insurance policy, the Condo Insurance policy and the Boat Insurance policy.
Can a bank sell a term life insurance policy that has been used as collateral?
I would assume they are the assigned owners of the insurance policy, and have the greater interest in the product that was purchased, if the terms and conditions for repayment have not been met. So "YES" they would have the rights to sell the policy.
Is permanent life insurance the same as whole life insurance?
Technically, there is no insurance policy called as permanent life insurance. However, you can treat whole life insurance policy as permanent since the policy covered the whole life span of the policy holder and benefit is payable to nominee in the event of any eventuality of the policy holder.
