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Such a situation would assume there is a trust in place. A good lawyer would suggest a interested party such as a family member.

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18y ago

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What if 3 people are named beneficiaries on a life insurance policy?

If the insurance company accepted the policy, and unless there are specific provisions for dividing the benefit, it will be equally divided between the three beneficiaries.


Can I have two primary beneficiaries for my insurance policy?

Yes, you can have two primary beneficiaries for your insurance policy.


Who recieves the benefits or money from a life insurance policy upon the death of the insured?

The person, company or trust that is specified under "Beneficiaries" section in the insurance policy will receive the life insurance benefits. If the beneficiaries are more than one, the benefit is split according to policy details, or policy schedule pages.


What exactly is a life insurance company?

A live insurance company is a company that holds a "life insurance" policy on a person. The policy is taken out by a person and fees are paid. And, if for some reason the person's life ends, the policy is paid out to the beneficiaries as long as the death was not done on purpose.


How does life insurance pay beneficiaries?

The insurance company must be notified of the insured's death, preferably by a beneficiary, policy owner, or an insurance agent, at which point it will send out packages of paperwork to all beneficiaries on file for that insurance policy. The paperwork is filled out by each beneficiary and returned to the insurance company, along with a certified copy of a death certificate, at which time the insurance company processes the paperwork, verfies the eligibility of the claim, and then, if appropriate, pays out the proceeds of the insurance policy.


My sister may have collected on a life insurance policy that listed us both as beneficiaries what can i do?

Sue her and the life insurance company that paid her.


Can you remove a beneficary from your life insurance policy?

Yes, the owner of the policy can make any changes regarding beneficiaries, split, benefit amount, etc. Ask for a "Policy change form" from your agent or insurance company.


What are types of beneficiaries of an insurance policy?

Primary and Secondary


Which of types of beneficiaries in an insurance policy?

primary and secondary


What is a waiver of insurance policy?

I believe you are asking about waiver of insurance policy premium. There are certain insurance policies like children's plans, where even if the policy holder (Parent) is no more, the insurance company would waive off the premium payments and continue to provide the benefits to the policy beneficiaries (Children)


How do you find out what happened to the life insurance policy your grandmother had when she died and your cousin and yourself were beneficiaries but never saw the money?

You should phone the insurance company and ask them about it; make sure you have the insurance policy number on hand, they will need to know.


Do insurance companies write separate checks if there are multiple beneficiaries?

Yes, the insurance company will pay the benefit amount to each beneficiary as named on the policy at the percentage listed.