How can you find out if someone has a life insurance policy taken out on them?
If you’re curious whether a life insurance policy was taken out on your behalf without your knowledge, you can contact the life insurance company directly to find out if a policy exists in your name.It is illegal for anyone to have a life insurance policy taken out on someone else without their knowledge or consent. Anyone who does so could face criminal penalties, as well as having the life insurance policy dropped and no benefits paid out.If someone makes an insurance claim on a policy in which the insured is unaware that the policy was taken out in their name, the life insurance company would likely deny the claim.If you suspect that insurance fraud has been committed and that a life insurance policy was taken out in your name or on behalf of someone else without their consent, you can report the potential fraud to your state insurance department or to a number of other enforcement agencies.According to the FBI, you could potentially be eligible for a reward if you correctly report a case of insurance fraud.
My father had a life insurance policy rom 1995 with Montgomery Ward, How can I find out issued policy amounts?
Ok, I initially got a letter with privacy disclosure info - I saw a policy number on the paper and called the named company, Union Fidelity Life Insurance. I knew (or thought I knew) my father only had 1 policy. When I called today they told me he got the policy in 1995 with Montgomery Ward, it is a good policy, and there is a benefit amount! Hope this gives you all clarity.
Have you ever listed someone on a life insurance policy as a/the beneficiary who was not your spouse or a relative and why/why not?
You can list whoever you want as a beneficiary on a life insurance policy. There doesn’t have to be any insurable interest at all. In many cases, your beneficiaries don’t even know that you listed them as a beneficiary on your life insurance policy. Following are some examples of non-relatives with or without an insurable interest:Your significant other or domestic partner who you’re not married to;The adoptive or foster parent of your or a relative’s minor child or childrenA mistress or secret lover;A hospital, nursing home, assisted living, or other facility caring for a relative or good friend who cannot care for themselves;Your church or any charity/charitable organization or foundation of your choosing;Your alma mater; college, university, high school or any other school or learning institution of your choosing;A good (or best) friend or a good friend’s family who you know could use the financial help;A total stranger who did you a favor or something nice that you would like to thank them for;Someone who once helped you out financially and you would like to pay them back;Your pet or the guardian of your pet; (I know of someone who left their dog over a million dollars!);The bank or other financial institution which holds the mortgage on your home;The bank or other financial institution who is a lienholder or your vehicle, boat, airplane, or other personal property;The administrator, executor, or fiduciary of your estate who is not a family member, e.g. your attorney or a trust company.Hope this helps!
Can parents take out life insurance policies on their kids without them knowing?
Yes. From birth until the age of 14 parents or grandparents of the minor child can purchase life insurance and the child does not have to sign the application for insurance. Beyond the age of 14 the child must sign the application even if it is a printed name and the parent can still pay for the insurance. Beyond the age of 18 the parent can buy and pay for the insurance but the child will have to sign and answer each question on the application and if required by the insurance company submit to a medical exam just as any other adult would. Many children's policies have provisions that the insurance will automatically increase at some future age 18 or 21. Many policies for children have a rider that allows the child at age 18 or 21 to buy more insurance regardless of their health. Many insurers may limit the amount of coverage on a child unless there are reasons for extra coverage, movie star, singer etc.
How do I convince people to buy life insurance?
How You Can Convince Clients to Buy Insurance Policy: 4 Ways1. Don't Sell to ThemThis may seem counter-intuitive. But asking your prospect direct question about sales without priming them could increase the chances of you losing a sale. For example, if you ask a prospect a question such as: "Do you have an insurance policy to protect your car if something happens to it?" If the prospect tells you no and you immediately offer an affordable product. The prospect will likely tell you: "Let me think about it"why? Because no one likes to be sold. But people like to buy something they think is their idea.So instead of offering you client a sale offer to solve their problem.2. Help Them Find the MoneyMany people are not open to buying insurance because they do not where to find the money. If you can show them how to take smart management decision that will bring out the money -you are closer to closing a sale.Can you help them reduce the premium on existing insurance policy?Can you offer them a discount by putting two or more policies in a single company?Can you offer a lower offer in a quality insurance firm which is the best interest of the client?If you can answer yes to this question then you are on your way to closing out more sales.source: How to Make Money and Acquire Customers as an Insurance Agent
My ex husband died and left me beneficiary of his life insurance and my kids as contingent beneficiaries.?
The divorce is irrelevant. She's wrong. The named beneficiary at the time of death gets the money. Sure, she might have been the old beneficiary, but unless the designation changed AFTER his death, the one at the TIME of death sticks. I'm actually surprised she found a lawyer willing to take this on. She must be paying him up front and out of pocket, because this is DEFINATELY a losing case for her. If you do hire a lawyer, be sure to countersue her for legal fees.
Does life insurance still pay if you're put to death?
This was a really interesting question and one which I actually enjoyed reading up on. It appears that old policies use to exclude death by suicide and even death resulting from the commission of a felony (death penalty).However, insurance companies wanted to start saving face and stop looking like they’re trying to weasel people out of money which they deserve. So they instituted a rather standard 2 year exclusion period.If you die within 2 years of purchasing your policy via suicide, you will not be able to claim the money of the policy. However, if you did it 2 years after the policy was purchased, then you’re most likely safe.It works the same way with the “death resulting from the commission of a felony”. Theoretically (since this has never happened) you would be able to claim your insurance policy after you get put down.Hope that helped your question! It was really fun to research :)
Which principles of insurance are applicable to life insurance?
Okay , so to answer your question, lets go over the principles one by one.Principle of Indemnity- Applicable as well as not! Paradox right? Indemnity means to make good the losses or to pay back what is the loss amount. In case of a life insurance, you cant measure a persons life’s worth hence the payout is not on calculation basis of loss assessment as in case of general insurance but the full Sum Insured is payable at death. There could be multiple policies covering the same life and they all are liable to pay.Principle of Contribution- This again will not apply for Life insurance as in case of trigger of policy, the insurer has to pay the full amount. Also, in the event of death, if insured had taken multiple policies, they all have to pay the nominees the full amount.Principle of Subrogation- Essentially it means that loss to one can be claimed by insurance company and the company can in turn claim it from the loss maker. But again in Life insurance it does not hold true and damages and insurance cover is payable to insured/deceased.Principle of Mitigation of loss- Just as in case of General insurance, here too the insured has to take utmost care of himself and should not indulge in activity that can harm his health or cause death.Causa Proxima - the Latin term for nearest cause holds true for life insurance just as in the case of general insurance. The nearest cause of death is found and if it is not covered under the policy the total SI is not payable.Hope this was Helpful !