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Generally, the funds will be placed in an account, with a trustee or with a court appointed guardian. Sometimes a will specifies that the bequest can be paid over to the child's parent to hold on behalf of the child. The laws vary in different jurisdictions. You should consult with an attorney who specializes in probate law.
Yes, there is no age restriction on who can be the beneficiary of life insurance. However, some state laws do no permit payments to minors until they either have a guardian appointed or they turn 18.
It can be done but is not often reccommended. I would suggest you look into setting up a trust and name the trust the beneficiary.
No. A life insurance policy is a contract and you must be an adult to sign a legally binding contract. However, the legal guardian or parent may buy one on behalf of the minor.
No, the insurance company will hold the money and will pay interest on proceeds until the child is of majority age in the state where the children were born.
I believe their guardian has control over it until their 18 or emancipate them selves
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Does insurance cover a minor driver who is not on your policy?
If they are not on your policy then they are not covered.
Can a minor in the state of Florida have their own auto insurance policies or do they have to be placed on their parents' insurance?
In the state of Florida a minor cannot have an auto insurance policy unless a parent signs for it. Usually if said minor lives with their parents they are usually just put on their parent's policy
Adding minor to New york state car insurance?
Simply call your insurance company up, and tell them you need to add your minor to your policy.
How old does a beneficiary have to be for to receive payment from a life insurance policy?
at what age can a minor be insured in NY state for life insurance
Can a 17 year old have his own auto insurance in georgia?
No. Most insurance companies do not allow a minor to have their own policy because an insurance policy and application are a legal contract and a minor cannot generally be party to a legal contract. I do know of a couple of insurance companies that overlook this and allow even a 16 year old to buy a policy.
Can you have your own auto insurance policy if you live at home with your parents?
Yes, you can have your own auto insurance policy. If you are a minor though, you will need your legal gaurdian to countersign your application for insurance coverage.
Do you have to be eighteen in order to get car insurance?
In general, you need to be an adult, since an insurance policy is a contract- and a minor cannot make a contract. In the RARE case of an "emancipated minor", you might, In most cases, you will need to be 18. You may be carried as an additional driver on an adult's policy. Check with your insurance agent.
Can a minor get his own auto insurance in Connecticut?
No. A minor is a person who is not of legal age to sign a contract and an insurance policy is a legal contract. A minor may or may not have the ability, depending on state laws and regulations to own a vehicle.
Can you take out a life insurance policy on some one with out them knowing that you did?
No, you can not get life insurance without the insured's consent, unless it's for a minor.
Does insurance cover a minor driving after curfew if they are in an accident?
Yes. If they are on your policy they HAVE to cover it. Hope this Helps!
Can auto insurance be in a minors name as long as the guardian is a signy?
Most insurance companies will not allow insurance to be in a minors name. The reason for this is that an insurance policy is a legally binding contract and a minor cannot usually sign such a contract. It is usually also not a goo idea to have a vehicle titled to a minor and the policy should be in the name of the person who owns the vehicle.
What happens if you have a minor car accident and you have no insurance?
You pay for all damages if you were at fault, and get a citation and fine for not having insurance.
