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How can you cancel a life insurance policy on you if there is no more insurable interest but you are not the owner of the policy?
Under insurance law, the contract owner has all the "rights." So, I know of no way to cancel the contract w/o the owner's consent. However, you may wish to contact your state insurance department and/or the insurance company just to be sure. Alternately, you might offer to purchase the contract from the current owner, as is often done with business insurance "buy-sell" arrangements. Best of luck . rjBeeg rbeeg@optonline.net
What else can I help you with?
Can you insure another person for life insurance?
Yes, one person can obtain a life insurance policy on another as long as the policy owner has an insurable, financial interest in the life of the insured.
Can a person insure property that belongs to someone else?
No, in order to get an insurance policy on property you need to have an insurable interest. Meaning you need to own the property or have some other interest in the property.
Can someone else take out a life insurance on you?
Yes, so long as they have your authorization on it if you are of the age of majority and they would need to have an insurable interest. Also, your family members may take a policy out on you when you are a minor without your authorization.
Can a man be married and buy life insurance and put someone other than his wife as a beneficiary?
Yes. It's done ALL the time. You can leave it for the children (adult) you can put it into a trust. You can leave it to a business partner to fund a buy sell agreement. That said, the primary factor to keep in mind is that the beneficiary must have an insurable interest in the life of the person insured. Essentially, this means that the beneficiary must have a "stake" in the continued life of the insured. This can be financial (such as a child dependent upon support, or even a business partner). The insurable interest can also be based upon "love and affection", and to that extent, a parent may be the beneficiary. There are other permutations of "insurable interest" that are defined by statute and interpretative case law. Insurance company underwriting guidelines also often address it. All of that said, the insurable interest must exist at the inception of the policy. If the relationship between the parties subsequently changes (such as a divorce), the efficacy of the beneficiary designation will not change as long as the insurable interest existed when the policy was issued.
How do you cancel my SBLI insurance?
I would like to surrender my polocy and collect the policy dividends
With a life insurance policy when must an insurable interest exist?
An insurable interest must exist at the inception (beginning) of the policy.
When must an Insurable interest exist for a property insurance policy?
Insurable interest must exist at inception of the policy cover and at the time of the loss.
Can a parent take out life insurance on their adult children?
Yes, an insured and a beneficiary have to have an insurable interest to be able to have a life insurance policy. Parents/children are considered to have insurable interest
Can i buy a life insurance policy on anyone?
No. You have to have an insurable interest in the person's life in order to take out an insurance policy on their life.
Insurable interest with a life insurance policy must exist when?
At the inception of the contract.
Can i get a life insurance policy on my gransparents?
Yes. You can own a policy on your grandparents assuming they are insurable. Anyone can own a policy on someone else as long as you can prove insurable interest.
What needs to have an insurable interest for an underwriter to issue an insurance policy?
For an underwriter to issue an insurance policy, the policyholder must have an insurable interest in the subject of the insurance. This means that the policyholder would suffer a financial loss or hardship if the insured event occurs, such as damage to property or loss of life. Insurable interest is essential to prevent moral hazard and ensure that insurance serves its purpose of risk management rather than speculation. Generally, insurable interest must exist at the time the policy is purchased and, in some cases, at the time of the claim.
When must an Insurable interest arise for a property insurance policy?
An insurable interest must exist to effect coverage and must continue to exist at the time of a claim to receive payment.
What is policy proof of interest in marine insurance?
A policu which presentation is itself the evidance or proof of Insurable Interest.In otherwords the evidance of Insurable Interest is not to be proved at the time of loss and putting the claim
Can my mother and I both have life insurance policies for me?
Yes, your mother can buy a life insurance policy on you because she has an insurable interest in you. And, you can buy a life insurance policy because everyone has an insurable interest in their own life. However, your mother may need your permission and your signature on the application for life insurance that she purchases with you as the insured person.
Whether a son purchase the insurance policy for his father or not?
A son can not generally take life insurance policy on his father's life because of lack of insurable interest in the life of father. Life insurance works on the principle of insurable interest. A father generally has insurable interest in the life of his child due to emotional reasons. That is why life insurance companies design the products for the children which take care of their education and other expenses once they grow up.
Can you take out a life insurance policy on anyone?
No, you must have an "Insurable Interest" and if they are not minors they must sign the application.
