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When a son is unmarried owns property has credit card debt who should he put as beneficiary on life insurance and why?
Wiki User
∙ 16y ago
Think this would be a personal choice, are you asking if you are the beneficiary are you also then repsponsible for his debt as well? Not sure about that you will need to ask an attorney. I will tell you that my brother died two years ago, had mountains of debt, his ex-wife, and daughters where the beneficiaries, received the proceeds and did not have to pay any of his debt, but suppose if the estate had been worth more that might've been different.
Wiki User
∙ 16y ago
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Is life insurance considered inherited property that a credit card company can claim after the death of a mother for unpaid credit card debt?
Depends upon the State of your mother's residence, and the beneficiary of her insurance policy. If the beneficiary was her estate, they might be able to recover the debt; if an individual was the beneficiary, unless that person was a cosignor of the debt, it is not likely they have any recourse. Have you checked to see if your mother's account had debt cancellation coverage? Best of luck. Rjbeeg
What is the difference between credit guarantee and credit insurance?
Insurance is a direct agreement between insurance provider and policy holder.When you purchase insurance, you pay premiums to keep coverage in force.In turn, insurance broker promises you to provide financial compensation in an event of loss or damage. A guarantee involves indirect agreement between beneficiary and third party along with primary agreement with principal and beneficiary.It is a promise of performance to a beneficiary in the event that the person who would normally provide a service fails to do so.
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 is SWIFT MT720?
When a beneficiary has requested the transfer of a documentary credit to a second beneficiary, this message is sent by the bank authorised to advise the transfer of the documentary credit, to the bank advising the second beneficiary. It is used to advise the Receiver about the terms and conditions of the transferred documentary credit, or part thereof.
Does a personal guarantee on a commercial loan appear on a credit report and are they liable for personal injury on the property being purchased?
That's two separate issues - credit reporting on a loan, depends on the financial institution - if they report it. Personal injury on a property would be on property insurance, which you have to obtain in order to purchase property.
Is life insurance considered inherited property that a credit card company can claim after the death of a mother for unpaid credit card debt?
Depends upon the State of your mother's residence, and the beneficiary of her insurance policy. If the beneficiary was her estate, they might be able to recover the debt; if an individual was the beneficiary, unless that person was a cosignor of the debt, it is not likely they have any recourse. Have you checked to see if your mother's account had debt cancellation coverage? Best of luck. Rjbeeg
Is the beneficiary of a life insurance policy responsible for the deceased credit card debt?
Not that I know of.. What does one thing have to do with the other?
If someone dies with 10K in credit card debt and no assets but has life insurance does the credit company get the insurance or does it go to the beneficiary?
Death benefits are generally not subject to attachment for creditor debt. States establish laws concerning property that is exempted from creditor seizure. Without knowing the state of residency it is not possible to be more specific. You can find out what property is exempt under the laws of the state where the person lives by searching "asset exemptions". (Example: Florida asset exemptions). In many states the proceeds of life insurance are not part of the estate because they are proceeds of a contract to pay a third-party beneficiary, which promise of payment vests upon the death of the insured, so the insured (and the estate) do not receive any benefit. Since the estate has no beneficial interest in the proceeds of the insurance, the creditors would have no claim for this money (unless, perhaps, a surviving community property spouse is the beneficiary).
What insurance license is needed to sell business credit insurance in Georgia?
You will need a property and casualty license. Now, after saying that ... you should check with the Georgia Insurance Commissioner. I nave been licensed to sell business credit insurance in 5 different states - they all required property and casualty licenses. In most cases very few people knew what business credit insurance is. Be very careful to specify that you are wanting a license to sell Business credit insurance (as apposed to consumer credit insurance e.i credit life insurance).
What is the difference between credit guarantee and credit insurance?
Insurance is a direct agreement between insurance provider and policy holder.When you purchase insurance, you pay premiums to keep coverage in force.In turn, insurance broker promises you to provide financial compensation in an event of loss or damage. A guarantee involves indirect agreement between beneficiary and third party along with primary agreement with principal and beneficiary.It is a promise of performance to a beneficiary in the event that the person who would normally provide a service fails to do so.
Who is beneficiary of letter of credit?
supplier
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.
How can a unmarried couple get out of mortage debt?
How can a unmarried couple who have split up get out of mortage and credit card debt.
What is SWIFT MT720?
When a beneficiary has requested the transfer of a documentary credit to a second beneficiary, this message is sent by the bank authorised to advise the transfer of the documentary credit, to the bank advising the second beneficiary. It is used to advise the Receiver about the terms and conditions of the transferred documentary credit, or part thereof.
Who is the beneficiary in a credit health policy?
The lending institution.
Is there an insurance company that provides insurance for buildings and their contents?
There are several insurance companies that offer insurance for busineses much like yours. Progressive, Allstate and Geico are just some examples. Also, you can get insurance on the property and the valuables even if you dont own the property and depending on your residence you can recieve a tax credit as a business expense.
If Beneficiary transfer the Letter of Credit to Third party so all the Export Procedure and documenation will be done by third party or beneficiary?
Beneficiary have to do all the documentation.
