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Generally, no. However, the fact that you are in jail does not excuse making the premium payments on the policy. Therefore, the policy may lapse (terminate) for non-payment of premium if payments are not made.
Jail may enter the picture in another way. If the person who goes to jail is the beneficiary on the policy, and the incarceration is because the beneficiary killed the insured, the beneficiary will not be able to collect the life insurance proceeds. A person such as he/she will not be permitted to benefit from the wrongful act of killing the insured.
What else can I help you with?
How much is the fine for no proof of insurance in Kentucky?
In Kentucky the fine for auto insurance is $450. This fine goes to BOTH the owner of the vehicle AND the person operating it (if they're NOT the owner). so the bottom line is the state could get a total fine of gets $900 if the operator isn't the owner too.
You are trying to find out what the law is about secondary beneficiary missing does the primary beneficiary have any rights?
If the primary is listed as receiving 100% then they get 100% no matter what. If it is a split percentage between primary and secondary and the secondary is dead or unreachable, then that percentage goes to the insuredes estate. If their is just a primary and no secondary listed, then the primary gets it all as long as they are still living. The secondary is a mute point. Primary always trumps secondary if listed as 100%
Is it a good idea to use your insurance carrier for subrogaion?
Subrogation occurs when an insurance company goes after the party responsible for an accident or damages. You would use your insurance company for subrogation. This is something that the company will handle on their own. In most cases you do not have to do anything.
What is the purpose of the Dram Shop Act?
Dram Shop Act was created in order to force taverns (or those places serving alcholic beverages) to obtain Dram Shop Insurance. If one goes to a bar and ends up having an accident after drinking (off premises) then the victims will include in their MULTIPLE suit - the tavern. Their end of the payout comes from their DSI premiums - sort of like our Homeowners Insurance Policy.
How are laws made in Scotland?
In Scotland, laws are typically made through a process involving the Scottish Parliament. A proposed law, called a Bill, goes through multiple stages of debate and scrutiny in Parliament before it can be approved. Once approved by Parliament, the law receives Royal Assent from the monarch to become an official part of Scottish legislation.
If a beneficiary of a life insurance policy dies before the insured what happens to the money once the insured dies?
Goes to the beneficiaries heir's or estate.
Do you have to pay debts with money received from a life insurance policy?
You may wish to contact an attorney on this issue and I am not an attorney. But here goes. If the proceeds from a life insurance policy were designated to an individual and this person had no liability for the debts then the money would not have to be used to pay debts that solely belonged to the deceased. If the beneficiary of the life insurance policy was the "Estate of Insured" then the debts of the insured would have to be paid from the policy proceeds.
What is the meaning of keymaninsurance?
Keyman insurance can be defined as an insurance policy where the proposer as well as the premium payer is the employer, the life to be insured is that of the employee and the benefit, in case of a claim, goes to the employer.
What does life insurance cover?
Life insurance is insurance on a human life. In its most basic form, the insurer agreed to pay a stated sum, specified in the policy, upon the death of the person whose life is insured. There are a variety of permutations of life insurance, but the main types are term insurance and whole life insurance. Term insurance might be characterized as "pure insurance". That is, the beneficiary collects the proceeds if the insured dies during the term of the policy. It does not have a savings component, and expires and is rendered of no monetary value if the insured does not die while it is in force. Whole life differs somewhat from term. Incorporated in it is a term policy and a savings plan. Part of every premium payment is applied to pay the term insurance cost, and another part goes into the savings element of the plan (called "cash value). When the policy is fairly new, most of the premium goes toward the cost of the insurance, and very little goes into the savings element.
What if the insured of a life insurance policy does not own an estate?
Normally an insured person on a life insurance policy lists another person as his beneficiary. If that person dies first, then when the insured person dies, it goes to his estate. In that case, the term estate does not refer to a piece of land. Estate refers to all of his property: Bank accounts, Insurance policies, unused IRAs, etc. Some of them may be designated and others not. Whatever he owned when he died is his estate as far as the law is concerned.
What is the difference between a company that is fully insured and one that is self insured?
A company that is fully insured goes to an insurance company and buys insurance. A company that is self insured does not buy insurance and plans to pay any claims out of the companies "pockets". For instance, if you own a home but choose not to buy home insurance, you are self insured if you should have a fire.
How do insurance companies calculate what to pay on a claim?
The answer depends on several factors, not the least of which is the terms of the insurance policy. That is, an insurance policy is a contract that specifies the rights and responsibilities of the parties (the insurer and the insured). Every insurance policy provides limits as to how much, under what circumstances, and for what payment will be made. A good example is the contents portion of a homeowner's policy (this is the coverage for your furniture, clothing, etc. that may be damages or destroyed in a covered occurrence, such as a fire). If the policy is written on a "replacement cost" basis, all other things being equal, you will be able to be reimbursed for the cost of replacing the items that you lost. This is subject to the limitation that the replacements be of "like kind and quality" of the ones destroyed. This goes to the principle that insurance is not intended to be a money-making proposition for the insured--it is to indemnify. However, if the policy provides for "actual cash value" contents coverage, the insurer will pay the depreciated value of the lost or destroyed property. Factors considered in doing this include age and condition at the time of the loss. Assuming that a life insurance policy is in force at the time of a the insured's death, the insurer will ordinarily pay the face value of the policy, less any money owing from policy loans that the insured may have taken (assuming that whole life insurance is involved). If it is a term policy, the face value is normally paid. Health insurance works similarly. The policy will provide what is covered and what is not, what is excluded, and any deductibles or copayments that is the responsibility of the insured.
What happens if the sole beneficiary on an insurance policy dies before that person and the policy is never changed?
It goes to the estate
What is life insurance and how do I obtain it?
Life insurance is more properly called "death insurance", because payment is triggered upon the death of the person insured if the death is from a cause that is not excluded by the policy. Payment is made to the beneficiary named in the policy. If no beneficiary is named, or if that person is deceased and there is no contingent beneficiary named, proceeds are paid to the estate of the person insured under the policy. There are 2 primary types of life insurance: term and whole life. Term insurance is considered to be "pure protection" in that there is no savings element. As such, it is less costly than whole life. It is purchased in a stated amount (for example, $50,000), and for a stated period of time (for example, 20 years). There are variations as to whether the premium remains the same for the entire term, or increases over the term. Proceeds are payable if the insured dies while the policy is in force. If he/she does not, nothing is paid and no value has accumulated. Whole life insurance has a savings element. This means that some of the premium pays for the protection, and some goes into somethink akin to a savings account. The value of the latter accumulates slowly at first, but the rate picks up as the policy remains in force. Often, the insured is given options as to how to apply the savings element, such as into a selection of mutual funds. In both types of insurance, the insured may be able to discuss additional options, for an additional premium. A couple of these include: (1) a guaranteed insurability option, whereby the insured is given the right to buy additional insurance at certain points in time without regard to then-current health; (2) waiver of premium, which forgives the payment of future premiums if the insured becomes disabled according to definitions in the policy. There are others. Most insurers sell insurance through agents or brokers, who often advertise their services. It is critical for the consumer to ensure that the agent or broker is licensed to sell life insurance in the state. This can be done by contacting the state insurance regulator. It is also important to determine if the agent or broker is authorized ("appointed") by the insurer to sell its products. This can be determined through the state insurance regulator as well.
How can one obtain a policy form Manulife Insurance Company?
One can obtain a policy from Manualife Insurance Company when one goes online to the official website of Manualife. One can get a quote and obtain a policy online.
Can you get your own insurance policy on a car that is not in your name?
Yes. You can put insurance on just about anything even if its not yours. Also that goes for life insurance as well.
What does self insured mean?
Being self-insured means an individual or entity takes on the financial risk of paying for their own healthcare or expenses, rather than purchasing traditional insurance. This usually involves setting aside a fund to cover potential costs for employees or for personal use.
