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Buying the beneficiary position on a life insurance policy of someone who is dying?
For the Dave Ramsey "Name That Investment" worksheet, the answer is VIATICALS. :)
How can the insurance co make a payment to someone else if you are the beneficiary of a life ins?
A life insurance policy has an owner, who is the person who is buying the insurance, as well as a designated beneficiary. Some kinds of life insurance, called whole life, have value as an investment and can be cashed out by the owner if he or she so desires (unlike term life which has only a death benefit and no cash value prior to the death of the insured). Now, you haven't said who this other person is who has received a payment from the insurance company. If it is someone other than either the policy owner or the beneficiary, the only other scenario I can imagine is that someone filed a lawsuit claiming that there was some kind of fraud going on, and that he (or she) is the actual owner or beneficiary of the policy, and not you. If the judge agrees, then the insurance company must comply.
Who receives money from life insurance policies upon death?
Part of the process of buying life insurance involves the designation of a beneficiary-the person(s) or entity(ies) that will receive the proceeds of the policy upon the insured's death. The beneficiary(ies) can be changed during the insured's lifetime, but as of the time of death, the designated beneficiary is entitled to the proceeds. If no beneficiary has been designated in the policy, proceeds are usually paid to the estate of the insured.
Is life insurance considered part of an estate?
Generally, no. So long as a beneficiary is designated the Policy does not need to be and should not be included as part of an estate. The Policy proceeds or "death benefit" is the property of the named beneficiary, they are not the property of the deceased and therefore not a part of the decedents estate. Only when the Insured failed to designate a beneficiary or no eligible beneficiary is available would the Life Insurance Policy proceeds revert to the named insured and then be included in the Estate.If the policy was owned by someone other than the deceased, the insurance proceeds will not be part of the estate.Since estate taxes (when applicable) can be as high as 55% and the claims of creditors can take an entire estate, it is very important to consult an experienced lawyer prior buying any life insurance policy to ensure that the proceeds go to the heirs and not to pay taxes or the deceased's creditors.
What should one know before buying home insurance?
Someone should know a number of things before buying home insurance such as what the insurance covers, what it doesn't cover, the price of premiums, and whether or not they can increase if a claim is made.
Can someone get insurance on a car if they are making payments to an individual?
in most states you have to have at least liability insurance. it doesn't matter who you are buying the car from. so yes you can get insurance on a car
Can you insure a house you do not own?
You can if what your doing is buying or arranging insurance on behalf of the legal owner. The owner of the property needs to be the primary insured beneficiary. Other parties interests can also be listed on the policy.AnswerNo not really. The insurance looks for ownership documents I guess.
What happens if a person dies and leaves no beneficiary for his life insurance policy but there is a will?
In Canada, if there is no beneficiary of the life insurance policy, the proceeds go into the estate of the owner. This person is often the same as the life insured but doesn't have to be (eg a father buying life insurance on his son. The father is the owner and the son is the life insured). The proceeds form part of the owner's estate and are distributed according to the instructions in the will after all debts have been satisfied.
Are there limitations for someone over 70 buying travel insurance?
There are some limitations for customers that are over the age of 70 for buying travel insurance. Many companies increase the premiums for customers over the age of 70.
Will buying funeral insurance cover all expenses?
More than likely, no. As the costs of funerals rise over the years, loved ones may still have to dip into a major life insurance policy to help pay for a funeral. The funeral home is usually listed as the beneficiary.
When buying a car for someone else do you need to buy insurance for yourself?
Yes because even though your going to give it to someone, you will still legally own that car.
when buying a used car from a small lot is or when is the person buying the car need to have insurance If the buyer had no insurance is the dealer liable?
If you are buying the car outright then it's up to you to decide when to get the insurance. If you are getting credit, you will have to have the insurance in place prior to taking possession of the vehicle.
