I need to know If my mother has a life insurance policy on me, how can i find out ?
Total Comments: 16
Posted: Sun May 03, 2009 02:21 pm Post Subject:
Lori, I admit that I can be wrong about this which is why I want someone who can back this up instead of giving opinion. I'll try to explain why I think that I'm correct on this.
Who has access to the cash?
Who can change beneficiaries?
Who can cancel the policy?
Who can change the payer?
Who can change the actual insured?
The answer to all questions is the owner. What rights does the insured have? None. There is absolutely no reason for the insurance company to ever discuss the policy with someone other than the owner.
The insurance company might be willing to go as far as to tell the insured that they are the insured on an insurance policy, but beyond that, nope. For instance, I can't get an insurance company to send an annual statement of the policy to the insured without the owner giving permission. I can't discuss a policy with the insured without the owner's permission.
Let me give you an example. Mr. Smith and Mr. Jones are business partners. As part of a buy/sell agreement they purchase life insurance on each other. The business subsequently falls apart. Mr. Smith elects to keep the policy on Mr. Jones. Mr. Jones cancels the policy on Mr. Smith. I can't tell Mr. Smith that the policy on him has been cancelled and I can't tell Mr. Jones that there is insurance still on his life. In my experience, the insurance company also won't divulge this information except accidentally.
Could you imagine a bank giving information about an account to someone other than the owner? It's the same thing. The owner can divulge any information that they would like. The financial institution can't.
Posted: Sun May 03, 2009 06:25 pm Post Subject:
The insurance company might be willing to go as far as to tell the insured that they are the insured on an insurance policy, but beyond that, nope.
...This is all the OP asked about. I have not been talking about detailed information and I'm assuming Lori isn't either. It's all according to how the policy is set up to whether they would give her the details.
Posted: Sun May 03, 2009 10:41 pm Post Subject:
Don't confuse the definition of "insured" and the rights that an insured would have between different types of insurance policies. There are great differences between an "insured," and a "named insured."
In property and casualty, only the "named insured" has any right to change anything within the policy. In life insurance, the policyowner, if different than the insured, controls all rights to the policy while the insured is alive. The only right that the insured has, if separate from the owner, and this is going to sound weird, is to die.
The insured will typically know that life insurance has been placed on their life as they had to (in most circumstances) go through some type of medical examination. There are exceptions to this (non-med) and most states will allow a spouse to take out insurance on the other spouse and minor, dependent children in the household without the signature of the insured person.
So, technically, the insurance company has the right to only discuss the policy with the policyowner. Most carriers adhere to this right.
InsTeacher 8)
Posted: Mon May 04, 2009 10:03 am Post Subject:
I stand corrected, and bow to the knowledge of the insurance teacher...I deal in P&C professionally (life only on a personally level)....I have to talk with my agent this week anyway...I'll ask about my state, re: devulging information to a named insured (life policy)...All I'm saying, is I can't imagine or understand how the named insured has NO rights to know anything about the policy...(I never said anything about rights of changing the policy)....
Posted: Tue May 05, 2009 05:38 am Post Subject:
Lori said:
All I'm saying, is I can't imagine or understand how the named insured has NO rights to know anything about the policy...(I never said anything about rights of changing the policy)....
I understand your concern. You know that technically the policyowner is the only party to the contract that has any rights under the contract. Also, keep in mind that automobile and most P&C contracts are "first-party"owned; that is, the owner and the insured and the same person. If you buy a car insurance policy, normally you're the policyowner and the named insured. There are always exceptions to the rule, but taking car insurance as an example- it's tough to find a policy where the owner isn't insured under the contract. Even if you buy it for someone else- you're still normally considered an insured.
In life insurance contracts, prudent estate planning in most cases suggests that you shouldn't own the policy that covers your own life. We normally DON'T want first-party ownership, we usually want third-party ownership- where the policyowner and insured are DIFFERENT persons. In this case, the owner is the only person with any rights. Technically (there's that word again), the insurer does NOT have to share ANY information about the policy with anyone other than the owner. Will they, even though they legally don't have to? Depends on the insurance company. Even more so, it depends on the agent. The agent will usually babble to the insured regardless and give out info left and right, because they don't know the technicalities of law, and they want to "help" their "client."
So, it's just another one of those law things, where some know the trees and others just see the forest.
InsTeacher 8)
Posted: Wed May 13, 2009 01:04 pm Post Subject:
Yes, even i agree with Lori, he has right to know whether an insurance policy is taken on his name or not, however first he needs to check with his mom, speak to her and unfortunately if she is not alive try finding policy document at home. if still no result i guess you need to take help of MIB, otherwise you wont be able to find details.
Posted: Sun May 03, 2009 02:21 pm Post Subject:
Lori, I admit that I can be wrong about this which is why I want someone who can back this up instead of giving opinion. I'll try to explain why I think that I'm correct on this.
Who has access to the cash?
Who can change beneficiaries?
Who can cancel the policy?
Who can change the payer?
Who can change the actual insured?
The answer to all questions is the owner. What rights does the insured have? None. There is absolutely no reason for the insurance company to ever discuss the policy with someone other than the owner.
The insurance company might be willing to go as far as to tell the insured that they are the insured on an insurance policy, but beyond that, nope. For instance, I can't get an insurance company to send an annual statement of the policy to the insured without the owner giving permission. I can't discuss a policy with the insured without the owner's permission.
Let me give you an example. Mr. Smith and Mr. Jones are business partners. As part of a buy/sell agreement they purchase life insurance on each other. The business subsequently falls apart. Mr. Smith elects to keep the policy on Mr. Jones. Mr. Jones cancels the policy on Mr. Smith. I can't tell Mr. Smith that the policy on him has been cancelled and I can't tell Mr. Jones that there is insurance still on his life. In my experience, the insurance company also won't divulge this information except accidentally.
Could you imagine a bank giving information about an account to someone other than the owner? It's the same thing. The owner can divulge any information that they would like. The financial institution can't.
Posted: Sun May 03, 2009 06:25 pm Post Subject:
The insurance company might be willing to go as far as to tell the insured that they are the insured on an insurance policy, but beyond that, nope.
...This is all the OP asked about. I have not been talking about detailed information and I'm assuming Lori isn't either. It's all according to how the policy is set up to whether they would give her the details.
Posted: Sun May 03, 2009 10:41 pm Post Subject:
Don't confuse the definition of "insured" and the rights that an insured would have between different types of insurance policies. There are great differences between an "insured," and a "named insured."
In property and casualty, only the "named insured" has any right to change anything within the policy. In life insurance, the policyowner, if different than the insured, controls all rights to the policy while the insured is alive. The only right that the insured has, if separate from the owner, and this is going to sound weird, is to die.
The insured will typically know that life insurance has been placed on their life as they had to (in most circumstances) go through some type of medical examination. There are exceptions to this (non-med) and most states will allow a spouse to take out insurance on the other spouse and minor, dependent children in the household without the signature of the insured person.
So, technically, the insurance company has the right to only discuss the policy with the policyowner. Most carriers adhere to this right.
InsTeacher 8)
Posted: Mon May 04, 2009 10:03 am Post Subject:
I stand corrected, and bow to the knowledge of the insurance teacher...I deal in P&C professionally (life only on a personally level)....I have to talk with my agent this week anyway...I'll ask about my state, re: devulging information to a named insured (life policy)...All I'm saying, is I can't imagine or understand how the named insured has NO rights to know anything about the policy...(I never said anything about rights of changing the policy)....
Posted: Tue May 05, 2009 05:38 am Post Subject:
Lori said:
All I'm saying, is I can't imagine or understand how the named insured has NO rights to know anything about the policy...(I never said anything about rights of changing the policy)....
I understand your concern. You know that technically the policyowner is the only party to the contract that has any rights under the contract. Also, keep in mind that automobile and most P&C contracts are "first-party"owned; that is, the owner and the insured and the same person. If you buy a car insurance policy, normally you're the policyowner and the named insured. There are always exceptions to the rule, but taking car insurance as an example- it's tough to find a policy where the owner isn't insured under the contract. Even if you buy it for someone else- you're still normally considered an insured.
In life insurance contracts, prudent estate planning in most cases suggests that you shouldn't own the policy that covers your own life. We normally DON'T want first-party ownership, we usually want third-party ownership- where the policyowner and insured are DIFFERENT persons. In this case, the owner is the only person with any rights. Technically (there's that word again), the insurer does NOT have to share ANY information about the policy with anyone other than the owner. Will they, even though they legally don't have to? Depends on the insurance company. Even more so, it depends on the agent. The agent will usually babble to the insured regardless and give out info left and right, because they don't know the technicalities of law, and they want to "help" their "client."
So, it's just another one of those law things, where some know the trees and others just see the forest.
InsTeacher 8)
Posted: Wed May 13, 2009 01:04 pm Post Subject:
Yes, even i agree with Lori, he has right to know whether an insurance policy is taken on his name or not, however first he needs to check with his mom, speak to her and unfortunately if she is not alive try finding policy document at home. if still no result i guess you need to take help of MIB, otherwise you wont be able to find details.
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