my stepmother willl not give me the insurance policyt that my father had on me. how do i go about finding out what is the name of the insurance company.
Total Comments: 14
Posted: Thu Aug 20, 2009 02:05 pm Post Subject:
Usually, a successor owner can be named in the insurance application, however, as you proably well know this is very rarely done. A signed Notice of Intent can also be provided to an insurance company regarding ownership information.
The successor owner will become the new owner when the owner dies, that is if he/she dies before the Insured.
If no successor owner survives you and you die before the Insured, your estate will usually become the new owner.
But never underestimate the the power of a claims department. I've seen them take the position of, "We have no clear understanding of the situation and will therefore pay anyone we choose to pay and there's nothing you can do about it. Get a lawyer if you have a problem with that."
Posted: Thu Aug 20, 2009 02:21 pm Post Subject:
Ok, thanks, so your understanding is the same as my guess.
The claims department wouldn't have anything to do with this because the insured is still alive.
I'm going to research this a little further.
Posted: Thu Aug 20, 2009 02:23 pm Post Subject:
Ok, thanks, so your understanding is the same as my guess.
The claims department wouldn't have anything to do with this because the insured is still alive.
I'm going to research this a little further.
Posted: Thu Aug 20, 2009 06:14 pm Post Subject:
I have confirmation. If the owner died, and a successor isn't named, the policy will go into the estate of the insured. How it gets disposed of from there would be the same as any other asset. If it is in the will, it will go the person named in the will.
Regardless of whether there is a successor owner or not, the policy will still be part of the taxable estate of the owner.
Posted: Thu Aug 20, 2009 02:05 pm Post Subject:
Usually, a successor owner can be named in the insurance application, however, as you proably well know this is very rarely done. A signed Notice of Intent can also be provided to an insurance company regarding ownership information.
The successor owner will become the new owner when the owner dies, that is if he/she dies before the Insured.
If no successor owner survives you and you die before the Insured, your estate will usually become the new owner.
But never underestimate the the power of a claims department. I've seen them take the position of, "We have no clear understanding of the situation and will therefore pay anyone we choose to pay and there's nothing you can do about it. Get a lawyer if you have a problem with that."
Posted: Thu Aug 20, 2009 02:21 pm Post Subject:
Ok, thanks, so your understanding is the same as my guess.
The claims department wouldn't have anything to do with this because the insured is still alive.
I'm going to research this a little further.
Posted: Thu Aug 20, 2009 02:23 pm Post Subject:
Ok, thanks, so your understanding is the same as my guess.
The claims department wouldn't have anything to do with this because the insured is still alive.
I'm going to research this a little further.
Posted: Thu Aug 20, 2009 06:14 pm Post Subject:
I have confirmation. If the owner died, and a successor isn't named, the policy will go into the estate of the insured. How it gets disposed of from there would be the same as any other asset. If it is in the will, it will go the person named in the will.
Regardless of whether there is a successor owner or not, the policy will still be part of the taxable estate of the owner.
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