You would have to ask the specific court that ordered it, but based on the little information provided, it could be a life insurance policy to provide for child support or alimony obligations in the event of your death.
If the ex-wife is the nominated person of the policy holder, she will definitely get the death/maturity benefits, no doubt about it !
You can name you testimentary trust in most cases, but that means you have to have a new will. And the court can still require you to have you ex-wife listed on your life insurance.
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.
The beneficiary of a life insurance policy is designated when the policy is taken out. After that the policy owner (usually the insured but now always) can change the beneficiary by completing a change of beneficiary form. The company processes the change then sends you an amendment showing the change. Normally you put this amendment with the policy as it becomes part of the policy. If the policy owner kept their records straight then you could look at the policy and see the latest amendment to find out who the current beneficiary is. If your not sure the policy is kept up to date you can contact the company and see who the latest beneficiary is on the policy.
No. The beneficiary is whoever is specifically named on the policy.
Anyone the policy owner names can become the beneficiary.
Anyone the policy owner names can become the beneficiary.
You are entitled to no proceeds from the life policy if the beneficiary or contingent beneficiary is still alive.
Um... if he was definatley then only one paying premiums after the divorce, then you should be ritefully incharge of the insurance. Because A she and him were divorced, and B she didn't pay the policy fees. Ur welcome
When the policy holder dies, the money goes to the beneficiary. If the beneficiary then dies, THEIR beneficiary then gets the money.
If an insured has a policy where there is no named beneficiary, or the named beneficiary is deceased, then the benefit will be paid to the insured's estate.
The purchaser of an insurance policy names the beneficiary.