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Who can legally change the beneficiary on a life insurance policy if the insured is deceased?
Wiki User
∙ 15y ago
A judge, if there is a good enough reason presented to the court.
Wiki User
∙ 15y ago
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Who can legally change the beneficiary on a life insurance policy?
The Insured can change the beneficiary on a life insurance contract.
Can insured and beneficiary be same on life insurance?
Well, in practice, I hope you see the problem with this arrangement: by the time it matters who the beneficiary is, the insured is dead. This presents a conundrum. Legally, any property of the deceased ... including, I suppose, life insurance benefits ... would become the property of the deceased's estate, and that would be distributed according to the will and/or relevant law. So it's not an insurmountable problem. It is more often best that the beneficiary be someone other than the insured. Whenever possible, it is best to keep assets out of your estate.
Can you legally cash a refund check from car insurance when the insured is deceased?
Yes, If you are the executor of the deceased, legal heir or have other appropriate power of attorney to do so, you can deposit the refund check.
Does a couple have to be legally married to be a beneficiary for each others life insurance beneficiary for their policies?
No. You can name who you choose as your beneficiary.
Who can legally change the beneficiaries on a life insurance policy if the insured is deceased?
For the most part, no one. A court might make some changes, but those are most likely to be as a result of judicial proceedings taken prior to death, but even that does not contemplate post-death changes. A life insurance policy is a contract, and barring unforeseen circumstances, the insurer is obliged to pay the policy proceeds to the beneficiary(ies) named on the application for the policy when a valid claim for proceeds is presented. If the named beneficiary(ies) pre-decease the insured, the contingent beneficiary (if one has been named) get(s) the proceeds. If there is no contingent beneficiary, subject to the terms of the policy, the proceeds may be payable to the insured's estate. The proceeds would then pass according to the directives of the insured's Will, or if he/she did not have one, according to the jurisidiction's laws of descent and distribution (intestacy).
If insured dies primary beneficiary dies 10 months later contingents benficiaries listed who get the money?
At the time of the insured's death, the primary beneficiary is legally vested in the benefits under the policy. At the time of the primary beneficiary's death, those benefits would be distributed according to the primary beneficiary's wishes, if legally expressed, and otherwise according to state intestacy laws.
With a term policy does the life insurance company notify the beneficiary of your death and their benefit if the beneficiary is unaware of the insurance?
As with all life policies, when the insurance company is notified of the death of the insured, they will make every effort to locate the beneficiaries based on what information has been supplied to them by the owner/insured of the policy. However, if they are unable to locate a beneficiary, they are legally required to escheat the amount of the benefit in the beneficiary's name to the State Treasurer's Office of the State their Home Office is in. This amount isn't 'lost', the beneficiary need only contact that Treasurer's office and request it. As to contacting a beneficiary when a premium hasn't been paid? Privacy regulations state that they can't contact anyone on the policy unless the policyowner specifically asks that they do so. The policy is a contract between the company and the policyowner, until the insured dies the beneficiary has no right to any information. == ==
Does a life insurance company have a legal to inform beneficiaries of an unclaimed policy?
Well, life insurer has the legal responsiblity to intimate the beneficiary during maturity of the policy. But though it is not legally binding, the life insurer ought to send reminder to the beneficiary about unclaimed policy amount, to maintain cordial relationship with the insured/beneficiary of the policy.
Legally does the life insurance carrier have to notify someone who is named as an executor of a life insurance policy if they are different than the beneficiary or spouse?
Although there is no legal requirement in some states, an insurance company will answer questions from the executor of an estate, owner of the policy, or whoever had power of attorney over the policy at the time of the insured's death. The beneficiary has no right to any information on a policy until a claim is to be paid to them.
What is the law regarding grandparents insurance policy if the grandson is deceased and owes child support in Texas?
If question refers to whether or not the insurance benefit is subject to seizure for child support arrearages. If that is the case, the answer would be yes. Any monies garnered from the insurance benefit that belongs to the obligated parent would be subject to garnishment for child support arrearages. If the named beneficiary of the insurance benefit is deceased and the grandparent(s) are still living, they can legally have the policy amended and another beneficiary named. In that case the monies would not be a part of the deceased grandson's estate and not subject to probate action nor distribution for his debts.
If you are the beneficiary listed on an insurance policy how can a person or persons not listed on the policy contest the claim if a change of benefit form was requested but never submitted?
Legally and contractually the named beneficiary is the beneficiary.
Could a spouse cash a husbands auto insurance check for repairs?
No. The check must be endorsed by whomever the check is made out to. This will be the insured on the policy. If the spouse was not the named insured on the policy then she cannot legally endorse the check unless he gives her power of attorney or if he is deceased and she is designated as administrator of the estate by the court.
