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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?
Wiki User
∙ 15y ago
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.
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Wiki User
∙ 15y ago
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If you are on your mother's insurance policy and you are unaware she has let it lapse although you have paid her for it will the company still pay for your damage?
No insurance = no insurance. Doesn't matter much why. About your only option is to sue your Mom.
Who is Insured in case of Reinsurance?
Reinsurance may be purchased by an insurance company for an individual risk, a specific class of risk, or an entire book of business. In any case, the insurance company that purchases the reinsurance is the Insured. The actual policy holder(s) are unaware of the reinsurance arrangement.
How will your minor child be contacted if he was the beneficiary on his fathers life insurance?
In order to be paid, someone must notify the insurance company of the insured's death, and provide proof of death and file a proof of claim with the insurance company. If the insured did not designate a beneficiary who is an adult, proceeds will ordinarily be paid to the insured's estate, and distributed according to the terms of the Will, or of none, according to the laws of descent and distribution of the state in which the insured died. It is not the responsibility of the insurer to contact the beneficiary when the insured dies, because they are unaware of it. Assuming the that the policy was not fully paid-up, meaning that it has not matured to the point where no further premiums had to be paid, if it was a whole life policy, further premiums will be taken out of the cash value until it has been exhausted. At that point, the policy will lapse for non-payment. If it was term insurance, if one or a few premiums were unpaid, depending upon the "grace period" stated in the policy, the policy will lapse for non-payment of premium. It is crucial that anyone with life insurance ensure that beneficiaries know the identity of the insurer, policy numbers, and like information.
What states don't offer earthquake insurance?
I am unaware of any that do not 'offer' it.
What can you do when you received a letter of cancelation for health benefits but not one for dental benefits from the insurance company so you were unaware and now they refuse to pay dental?
Pay your bill. You, not the insurance carrier, are responsible for making sure you have active coverage and for all outstanding charges not covered.
If you go for a checkup and get diagnosed with a serious illness can your employer still give group insurance coverage?
AS LONG AS YOU WEREN'T DIAGNOSED BEFORE YOU HAD INSURANCE. IT WOULDN'T BE CONSIDERED A PRE-EXISTING CONDITION IF YOU WERE UNAWARE OF IT UNTIL AFTER YOU RECIEVED THE GROUP INSURANCE.
How do you use the word unaware in a sentence?
You are unaware of how to use unaware in a sentence.
Will dealership notify finance company to repo your car if you bring it for service?
Nope. The dealer is completely unaware of your financial situation.
What is a sentence with the word unaware in it?
He was unaware that there was a test today and was unprepared.We were caught unaware by the rain.She was unaware of the monster under the bed. Was.
What is the duration of Unaware?
The duration of Unaware is 1.35 hours.
Is unaware a prefix or a suffix?
Unaware is a word. It contains the prefix un-, meaning not. But, unaware itself is not a prefix or suffix.
When was Unaware created?
Unaware was created on 2010-11-13.
