Yes, you can have two primary beneficiaries for your insurance policy.
If you have two insurance policies and one is designated as the primary policy, the primary insurance policy takes precedence over the secondary insurance policy in terms of coverage and payment.
If you have two insurance policies, the policy that is considered primary is typically the one that pays benefits first before the secondary policy.
No. The life insurance proceeds pass outside of the parent's will.
AnswerIt means if you have two or more beneficiaries, the last one living.
No, a child cannot have two primary insurance policies. Typically, one policy will be considered primary, and the other will be secondary. The primary insurance is responsible for covering expenses first, while the secondary insurance may cover additional costs not paid by the primary policy, subject to coordination of benefits rules. It's important to check with both insurance companies to determine which is primary based on factors like the child's age and the parent's policy details.
There is no single answer to your question because the facts may be different in different cases. First, the insured should change the beneficiary designation if a named beneficiary dies before the insured's death. That will avoid problems later.A beneficiary designation may include additional instructions when two or more beneficiaries are named. First, the insured can name "contingent" beneficiaries who will take a deceased beneficiaries share- on any life insurance policy. Second, the beneficiaries may be named as beneficiaries "per stirpes" or as "joint with the right of survivorship" where if one dies their share passes to the survivor.You need to check the designations on the particular insurance policy, the policies of the particular insurance company and the laws in your jurisdiction.
The policy with the broadest scope of coverage is primary. The other policy with less coverage would be considered secondary and does not invoke until or unless the coverage from the primary policy is exhausted.
There are five basic participants involved in a life insurance contract. # Contract (policy) Owner# Agent# Insured# Primary Beneficiary# Secondary Beneficiary---- The Five Participants: 1. Contract owner The contract owner is the person that actually owns the insurance policy. 2. Agent The insurance company (see notes below) 3. Insured The Insured is the person whose life is being insured. 4. Primary Beneficiary The primary beneficiary is the person who receives the death benefit when the insured dies. 5. Secondary Beneficiary The secondary beneficiary is an alternate beneficiary that will receive the death benefit if the primary beneficiary previously died. ---- An Example: For example, a wife may purchase a life insurance policy on her husband. The wife would be the owner and the husband the insured. She may name their children as the primary beneficiaries. In this case the children, not their mother, would receive the death benefit when their father dies. On the other hand, if the wife had listed herself as beneficiary and the children as the secondary beneficiaries, the wife would receive the death benefit. Then had the husband and wife died together, say - in a car accident; the children, as secondary beneficiaries, would receive the death benefit on the life policy on their father. ---- Notes:There are two parties in an agency relationship: 1. The party being represented - the client 2. The party doing the representing - the agent An insurance agent represents his client - the insurance company. The insurance purchaser is the insurance agent's customer. The purchaser is the client of the insurance company.
It depends. If there are just the two of you, you are 'primary' on your own policy, and your spouse is primary on his/her own policy. By default you would be 'secondary' on your spouse's policy. If the two of you have kids, you can elect either of the parents' insurance carriers to be primary, but you must do this officially, by filing the proper records with the carrier who you want to be primary. Typically, you need to decide which policy will be primary for the kids each year, as you will need to add the kids to one of your policies. You make this choice by reviewing both policies' coverages, copays and costs. The other policy, by default, then becomes secondary. If you just had a child, you should call your human resources department and/or health insurance company to work out the details and get the child properly insured.
Generally, if a life insurance company is notified of the death of the insured and there are named beneficiaries, the company pays off upon official notification of the death. You should speak with a customer service representative at the insurance company who can review your situation and advise you how to obtain your share of the proceeds.
Secondary medical insurance is a second level of insurance coverage. Under most circumstances, the two policies are independent of each other. One policy may pay for a service while the other may not. The primary policy must pay first, then the secondary. The choice of which policy is primary or secondary is established by a shared rule between insurance companies. It is not the policy holder's choice.Examples of Primary/Secondary coverage: A husband and wife both work and carry the medical insurance offered by their respective employers. The husband adds his wife to his policy. The wife adds her husband to her policy. Under most circumstances, the husband's plan would be his primary policy and his wife's plan would be his secondary policy. In like manner, the wife's plan would be her primary policy and her husband's plan would be her secondary policy.
Part of the international AEGON corporation, Stonebridge Life is a company that provides affordable insurance policies to families. The firm offers two types of insurance policies known as term and whole life. Term life insurance is a policy that is valid for a specific length of term. Depending on the package, the insurance policy will expire in five, ten, or twenty years. This means that beneficiaries will receive a certain sum of money only if a policy holder passes away within the specified time frame. A whole life insurance covers policy holders for their entire lifetime and will reimburse beneficiaries at any time as long as the monthly payments are paid.