Discuss it with them while they are alive. While that may sound like a flippant response it isn't intended that way.
Insurance policies can serve many purposes. Consider permanent insurance. Depending on circumstances, these policies may act as a very effective tool for estate planning. Let's go full circle. Considering that one is attempting to do plan, they would certainly want to communicate to the beneficiaries the tools in place. A smart-aleck statement? No. But it was an attempt to grab your attention and consider the question in another way.
The National Association of Insurance Commissioners has a "Life Insurance Company Location System" to help you find state insurance department personnel who might help identify companies that might have written life insurance on the deceased.
Check with the state's unclaimed property office. -If a life insurance company knows that an insured client has died but can't find the beneficiary, the death benefit would have to be escheated to the state of last known address of owner or to the state in which the policy was bought as "unclaimed property."
The National Association of Unclaimed Property Administrators (unclaimed.org) - NAUPA is the association of the state unclaimed property programs, but the databases are located and maintained by each state, not NAUPA. However, most states participate in MissingMoney and we suggest that you search there
The Center for Life Insurance Disputes - contact this group and you can do a lost life insurance policy search through their website.
Here's are some tips:
If the house and car were insured, start with the local agents who sold those policies. Insurance companies usually keep track of customer names and Social Security numbers.
If the policy was active, a premium notice eventually will come in the mail. Look for canceled insurance checks.
Private firms specialize in finding lost life insurance for a fee. Search the Internet for "find lost life insurance" "missing life insurance policies" "Life Benefits Search" or "Lost Life Insurance Finder."
It Happens Every Day, Life insurance is often purchased to protect against loss of income, but policyholders commonly fail to inform the beneficiary(s) of the policy's existence. As a result, many policies go unclaimed based on long dormancy periods or lack of awareness. Insurance companies would like to distribute what is rightfully due, but the responsibility to claim benefits lies with the survivors. It is estimated that over $1 billion of insurance proceeds currently could be claimed by beneficiaries from North American insurance companies..
Check the bank account statements for regular with drawls... it may be a few years back for 20 year pay policies. Do follow up from there. Check with family friends, sometime the owner might have discussed it with them.
Call the suspect companies and ask. If you have the persons info and know what company he may have been insured with, you can call the insurance company claims department and ask. They will only tell you if he was insured and nothing more without evidence that you are privy to that info. Also, call his insurance agent and ask.
Life insurance is regulated by the various states, not by the federal government. It is deemed to be contrary to public interest to encourage suicide by making insurance proceeds available to those who see no way out of their financial difficulties. Therefore, insurance companies usually prohibit claims when suicide is the cause of death, but that limitation usually lasts for only 2 years from the date of policy issuance. If suicide occurs within 2 years, payment is typically limited to a refund of premiums.he policy. In sum, even if death is by suicide, benefits will normally be paid if death occurs after the policy has been in force for 2 years. Be sure, however, to refer to the written terms of the policy and the insurance code of the state in which the policy was issued, as they will always prevail.
You should be able to research the results at the below related links section indicated below. However, I might add, they do not make it easy to find.
my account see
Variable universal life insurance combines the flexibility of a universal life insurance with the investment account features of a variable life insurance.
Like variable life insurance, variable universal is considered a security. It can only be sold by agents who have passed the National Association of Securities Dealers (NASD) exam.
Variable life insurance allows you to control your portfolio of investments that is part of the cash value component of a whole life insurance policy. This could include stocks, bonds, or funds. As a result of this freedom, this is the most expensive type of insurance available in the market. Opt for such a policy only if you are completely confident about investing in the markets. While the risks may obviously be higher as there is no guarantee on your savings, the value benefits are also much more than any other insurance policy available.
Variable Universal Life insurance is permanent life insurance that has a cash value feature in it. The cash value is invested in a small selection of portfolios. Since it is invested, there is no guarantee interest and it may lose value. When you pay your premiums, you are paying for three things: The insurance, the cash value, and investment fees. If you know anything about mutual funds, mutual funds have their own annual operating expenses. Since these mutual funds are invested in a life insurance policy, you are paying more than 5% of annual expenses. Therefore, you will get a low rate of return on your cash value.
Every year, the cost of the insurance goes up. The insurance part of the policy is annual renewable term. That means more of your premiums is going to the insurance and less toward the cash value. Eventually, you will have to pay higher premiums in the future. If you don't, the policy will eventually lapse as the cash value is depleted.
How does one find a policy that was issued by Rio Grande National Life Ins. Company, Dallas, Texas also has Old Line Legal Reserve Stock Company the policy was issued in 1959
Death benefits are usually not subject to federal income tax. There are exceptions, though, such as, if the IRS deems your insurance policy to be an investment in disguise. Your insurance agent or accountant should be able to give you guidance.
The word superannuated means old or outdated.
Antonyms would be fresh, new, young, or modern.
They don't "test" for cancer but the question is in the application and interview process. The insurance company will also check with the MIB and your Dr's. You can attempt to lie on the application and hope to get issued a policy but this is never a good practice. Instead, you can buy a policy that will insure you regardless of present or past conditions.
No. A life insurance company can only void a policy if there was material misrepresentation. A material misrepresentation refers to a misstatement on an application for insurance, of a material fact that. A material fact refers to a fact that, had the insurer known the truth, the insurer would either have refused to issue the policy, or would have issued it in a different amount or on different terms.
Usually, once a life insurance policy has been in force for 2 years, the "incontestability clause" prevents the insurer from relying upon a misrepresentation to rescind (void) the policy. Therefore, once the 2 year period passes, the insurer is liable on the policy even if the ultimate cause of death is cancer. That, of course, presumes that the policy is in force at the time of death.
"Group insurance" is to be distinguished from individual insurance. In that sense, a group policy provides coverage for multiple people (usually a fairly large group) who have an element of commonality defined by the risk-bearing entity (such as an insurer). The commonality might be the same employer, a union, a profession, or any one of a multitude of other factors that bind the participants together.
The sponsor of the group may pay all or some of the premium for the coverage. However, it is more likely that each participant in the group plan will pay a premium. Group coverage is usually less costly than individual insurance because the insurer is able to enroll many persons without the need for advertising, individual commissions and related back-office expenses, and the other elements of overhead that it would otherwise incur.
Insurance is a cost-sharing mechanism designed to limit peope's financial risks to sudden, severe and unanticipated losses. The idea behind insurance is that, by pooling premiums paid in, people and corporations can either avoid or reduce losses that would result if no insurnance was in place.
Rebating is when the insurance agent takes a portion of his or her commission and gives it to the person applying for life insurance.
Rebating is illegal in most states, exceptions used to be CA and FL.
Even if Rebating is allowed in a particular state, most life insurance companies forbid their agents from participating in this practice.
Most states require that all beneficiaries receive a copy of the will when the probate process is started. If not, the will is public record once it is probated. Contact the court where the estate is being administered and ask for a copy.
While the use of the term "childish" is inappropriate, what you do have to be concerned with is that since the time of issue of your present policy, you have aged. You do not state the duration of the present term policy (such as annual, 5-year level premium, etc.). If you are in good health (defined as meeting or exceeding the underwriting guidelines of major, reputable issuers of term life insurance), and can afford the resulting premium, it may behoove you to look into 15 or 20 year level term coverage. If you qualify, can afford the premium and have a need for life insurance for that duration (for example, if you are raising a young family). That sort of coverage will give you predictability of premium expense over an extended period. Remember, though, that no cash value accumulates, so that if you miss a premium, the insurance will expire within 30 days, you will lose premiums paid to date and will be without coverage.
Decreasing term life insurance is a variety of term insurance in which the death benefit decreases on a scheduled basis.
One of the features of term insurance is that, at least when compared to permanent insurance (whole-life), it is relatively inexpensive. In the early years of a decreasing term policy, the death benefit will be the face amount of the policy when purchased. Thereafter, as years pass, the death benefit will decline. Insurance of this type may be purchased when the insured has a large financial obligation to fund, such as child-rearing expenses, and needs a great deal of coverage in the early years to protect against adverse financial implications of his/her death.
The most common use for decreasing term life insurance is to cover a mortgage or other type of loan.
it mean going up or Dow one of those
insurance course 33
- For dropping a product or discontinuing a department
- Make or buy decisions
- Accepting a special order (at a lower price than normal)
- Dealing with a limiting factor or multiple limiting factors
The general issue that this raises is that of "insurable interest". That term refers to the fact that a person taking out a life insurance policy (in this case) on another has to have a "stake" in the continued life of the insured.
In many States, relatives have an insurable interest in the lives of other relatives, based upon what is commonly called "love and affection". If the aunt is dependent upon the income or services of the nephew, or if, for example, he owes her money, she may have an insurable interest on that basis.
You will also have to be concerned with the underwriting guidelines of the insurer(s) that you approach. Therefore, it is probably best to utilize a broker who is empowered to submit applications to a number of insurers, rather than an agent who may be beholden to only one or a few insurers. Stated otherwise, different insurers have different underwriting guidelines, and not all will deem an aunt to have an insurable interest.
Check the terms of the policy. In most cases, yes, as long as the beneficiary was not responsible in any way for the murder. The insurance company may require full police reports.
The "bankruptcy" of an insurance company is referred to as "insolvency". It is roughly defined as the financial inability to pay claims as they accrue.
As a condition of becoming authorized (licensed) to transact insurance business in the company's state of domicile, it is required to pay a portion of its income into the insurance guaranty association of the state. This is essentially a state-administered pool of funds which is used to pay claims (although not always in full) when an insurer becomes insolvent.
Important to note is that only authorized (licensed) insurers are required to participate in and pay into guaranty associations, and therefore, only when you have a policy issued by an authorized insurer, do you have the chance to participate in the guaranty fund if the need arises. It is therefore important that you ensure that you are ensured by a licensed insured and not by a phony one. Illegal insurers crop up periodically, especially during periods of hard insurance markets, which tend to be cyclical.
That said, there is an alternative market of insurance which is quite legitimate, but which is not covered by guaranty associations. This is the surplus lines market. It caters to often unusual risks that are not able to be insured in the more customary market. Most states have Surplus Lines Offices which offer some level of regulation to this market, but it is far less than for the authorized market.
When a licensed insurer becomes insolvent, a Receiver is appointed in the domicile state to administer its and to run the company. Ancillary receiverships may be established in other states where the insurer did business. Assets are marshalled, a date is set for policy coverage to end, and decisions are made as to whether the company is susceptible to rehabilitation or whether it must be liquidated. Claims are handled in as orderly a fashion as possible, with priorities assigned to claims of various types laid out by statute. Time limits are set by which claims must be filed with the Receiver, and if they are not they are barred.
A life insurance policy becomes payable only when the person who is designated as the insured dies. The beneficiary is the person, persons or entity to whom or to which proceeds are payable upon the death of the insured, and is usually designated on the policy application. The beneficiary(ies) should obtain a copy of the death certificate, contact the insurer, and request a proof of claim. It must be completed and submitted to the insurer with the death certificate and any other material that the insurer requests.
Insurance Policy fees Yes, most insurance contracts have a state approved associated policy fee and in the USA several other government mandated fees and taxes imposed by law that the insuring company must collect for your state.
State mandated fees include state run vehicle anti theft programs, various fire prevention funds, storm preparedness, youth fire hazard education programs carried out in schools and more. Most states have various fees that are required on every insurance policy issued in the state.
You can always refuse to pay the associated fees. but of course, since most of them are required by law, it won't do much good because the company would simply have to decline your application for coverage. It would be illegal for the insurance company not to collect fees that are mandated by law.
Every Insurance Company in the USA is required by law to provide full disclosure of all fees and taxes. They are always disclosed as required by law in every US State and are not additional to the price quoted. The price the company quotes you already has any and all fees included so they are not added at some other time. If the Insurance company chose not to assign the policy fee, then those production costs would have to be factored into the per unit of coverage cost which would result in a higher premium for individuals.
Unfortunately, yes they can. However, you can change ins. companies and ask prior that you get an agreement in writing stating all charges and clearly indicates there will never be any "add-on" charges at a later date such as a policy fee.
The insurance rate (the cost per unit of insurance) translates to a premium by multiplying that rate times the number of units purchased (for example, per $100 of coverage). In most states and for most types of insurance, the insurance regulator is required to approve the insurance rate to ensure that it is adequate (to compensate it for the risk assumed) and neither excessive, inadequate, nor unfairly discriminatory. A policy fee proposed to be charged by the insurer will be reviewed by the regulator to make sure that it is reasonable and does not violate the excessive, inadequate, or unfairly discriminatory rule.
This is a type of life insurance whose value is invested in the stock market. Therefore, if the market is perofmring well, you'll get more for your premiums.
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