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What happens to an insurance policy if the beneficiary can't be found or will not sign the policy?
With most insurance policies, you are asked to list both primary and secondary beneficiary(ies). If your primary beneficiary(ies) dies or cannot be located, benefits are paid to your secondary beneficiary(ies) in the same manner. If there are no such beneficiaries, then typically it defaults to a widow or widower; then to a child or children; next to parents; to the executor or administrator of your estate; and finally next of kin as determined under the laws of the State where you lived. Some form of court proceedings will probably take place. It is important that you keep your designated beneficiaries' addresses current. Failure to do so could mean that your beneficiary cannot be located and therefore benefits will not be paid to that person.
What else can I help you with?
How long after death do you have to collect on a life insurance policy if the beneficiary can not be found?
You should contact the legal department of the insurance company and ask for its advice. The company may initiate a search for the beneficiary with the resources at its disposal.
Will the insurance company pay the beneficiary if the beneficiary kills the insured?
Not if they found out.
Can the beneficiary on a life insurance be changed after the person has died if a new form has been found?
This would be very tricky and probably involve legal issues. A "new form" found after death changing beneficiary would always bring about suspicions. Did the owner intend to change the policy or not? They did not complete the transaction by filing the change with the insurance carrier. It is my opinion that the court would rule in favor of the beneficiary currently listed on the policy at the time of death. You could never prove the intent of the policy owner to change the beneficiary if they did not file the change of beneficiary form which is a very easy process to do.
Who gets the insurance if the beneficiary cannot be found?
Normally, when one buys an insurance policy a primary beneficiary is designated, as is a "contingent" beneficiary. The latter is second in line to get the proceeds if the primary beneficiary predeceases the insured and the insured does not name a new primary beneficiary. Another circumstance for the contingent beneficiary to get the proceeds is when the primary beneficiary cannot be found. The beneficiary designation(s) on the policy may also provide in addition to, or instead of, a contingent beneficiary that the proceeds get paid to the estate of the deceased insured. If that is the case, the proceeds become a part of the cash assets of the estate and are distributed to heirs in accordance with the Will. If there is no Will, the estate is distributed according to the laws of descent and distribution of the state in which the insured died. If none of the foregoing applies, and after having made a diligent search for the beneficiary(ies), the insurer pays the proceeds to the unclaimed property authorities of the state in which the insured last lived. This is a government agency, or bureau within an agency, and is often annexed to a department of insurance or the chief financial officer of the state. There exists a national organization of unclaimed property offices.
What happens if you are hit by an uninsured teen driver and they are found to be at fault?
If you have "Uninsured or Underinsured Motorist" coverage on your policy, then your insurance will cover it at no cost to you.
How do you find out about your fathers life insurance policy if you were told you are the beneficiary?
We need to check about who took over National Burial Ins. Co. We need to check about a burial policy on my dad. My dad passed in April 09. We have just now found the key to his fire proof box with this policy. The papers we have found also states my mother had a policy, she passed in 2005. I need to know who I should contact to cash in this policy. Thanks you for your assistance. Suealan.1@comcast.net
What happens if the beneficiary listed in a will can not be located?
If the primary or secondary beneficiaries cannot be located, and there is no residuary clause (the safety net), then it is as if there were no will at all, and the local laws of intestacy would apply. If none of the relatives listed (spouse, children, parents, grandparents, cousins, etc) can be found, or if they have pre-deceased the testator, then the estate escheats to the state treasury. This could take years; making certain nobody else can be found.
Your parents took out life insurance policy on you as child. You just found out at age 50. The beneficiary is parents and then sister-not 4 kids or husband. Do you have a say in this?
Nope. They purchased it when they had the ability to contract and they determine the beneficiaries. You can always purchase your own life insurance with your own money and name your own beneficiaries.
Does life insurance companies have to pay interest to the beneficiary if the policy holder died 17 years ago and the policy has just been found?
Not enough information is disclosed in order to offer an answer. Was the company ever notified of the insured's death? Who has been paying the premiums for this policy for the past 17 years? Are you sure it hasn't lapsed? What were the original terms of the policy? Too many un-answered questions - you really need to contact the insurance company for assistance.
Your husband died last month and you found an insurance policy on him dated Dec 11931 when he was 1 year old is this policy in force?
It might be and most likely is. You found the policy, contact the claims department of the carrying insurance company.
Old policy found is there any value?
That depends upon the type of policy it is. Term insurance has no value once the term expires. Whole life insurance has value, and can be cashed in. Read the terms of the policy. Given that the policy in question was found, and therefore was probably forgotten before it was found, I doubt that is has value - but check and see.
The beneficiary died before the policy holder who is now deseased No contingent beneficiary found who is next in line children or estate Estate was given to step children and not biological children A?
The specific terms of the insurance contract need to be followed. If it addresses what happens if the beneficiary is deceased, (most due as part of the template...gotta read it). It normally says it reverts to the owner (which is frequently but certainly not always the same as the insured), which in this case means his estate. His estate is divided according to his will, or the laws of decent of the State he died in. If it isn't addressed at all, that doesn't mean someone else just steps in - it would actually go to the heirs of the now deceased beneficiary.
