If the insured didn't sign a beneficiary form the policy will be payable to the decedent's estate. The proceeds will pass according to the will or the laws of intestacy if there is no will. You can check the laws of your state at the related question link provided below.
Part of the process of buying life insurance involves the designation of a beneficiary-the person(s) or entity(ies) that will receive the proceeds of the policy upon the insured's death. The beneficiary(ies) can be changed during the insured's lifetime, but as of the time of death, the designated beneficiary is entitled to the proceeds. If no beneficiary has been designated in the policy, proceeds are usually paid to the estate of the insured.
The beneficiary position is that they will receive the proceeds of the life insurance policy after the death of the insured. Until the death they have no other "position". After the death they must file a claim by contacting the company and following their instructions.
It is not a question of refusing responsibility. The beneficiary is the person or institution designated to receive proceeds upon the death of the insured. He/she/it has no obligation to pay future premiums. However, the beneficiary is free to decline the proceeds in which case they will be paid to a contingent beneficiary listed in the policy; in none, the proceeds will be paid to the insured's estate.
A Contingent or Secondary Beneficiary will receive the proceeds from a life insurance policy after the Insured's deaths, if the Primary Beneficiary does not survive the Insured Person. This means, if the primary beneficiary is not alive at the time of death of the insured person, then the contingent beneficiary will receive the proceeds from the life insurance policy. Examples of situations which may give rise to the contingent beneficiary receiving the proceeds from a life insurance policy. 1. The insured and primary beneficiary die in an accident together, for example, a car accident. 2. The primary beneciairy dies, and the insured forgets to update the beneficiaries for his/her life insurance policy.
A Contingent or Secondary Beneficiary will receive the proceeds from a life insurance policy after the Insured's deaths, if the Primary Beneficiary does not survive the Insured Person. This means, if the primary beneficiary is not alive at the time of death of the insured person, then the contingent beneficiary will receive the proceeds from the life insurance policy. Examples of situations which may give rise to the contingent beneficiary receiving the proceeds from a life insurance policy. 1. The insured and primary beneficiary die in an accident together, for example, a car accident. 2. The primary beneciairy dies, and the insured forgets to update the beneficiaries for his/her life insurance policy.
For the most part, no one. A court might make some changes, but those are most likely to be as a result of judicial proceedings taken prior to death, but even that does not contemplate post-death changes. A life insurance policy is a contract, and barring unforeseen circumstances, the insurer is obliged to pay the policy proceeds to the beneficiary(ies) named on the application for the policy when a valid claim for proceeds is presented. If the named beneficiary(ies) pre-decease the insured, the contingent beneficiary (if one has been named) get(s) the proceeds. If there is no contingent beneficiary, subject to the terms of the policy, the proceeds may be payable to the insured's estate. The proceeds would then pass according to the directives of the insured's Will, or if he/she did not have one, according to the jurisidiction's laws of descent and distribution (intestacy).
Life insurance proceeds are payable according to the beneficiary designation made by the insured and that is a part of the insurance policy. As such, the beneficiary can be any person or entity that had an insurable interest in the life of the insured at the time of the policy's inception. Concievably, that can be one or more of the siblings of the person insured. However, the insured is free to change the beneficiary(ies) at any time prior to death. If the insured designates his/her estate as the beneficiary of the policy, upon death, the proceeds are paid to the estate and distributed per the terms of the deceased's Will. If there is no Will, the proceeds, along with other assets of the estate, are distributed according to the laws of intestate successation of the state in which the insured died.
The beneficiary benefits financially from the life insurance policy by receiving the proceeds of the policy. The beneficiary is the person(s) or entity who is designated by the insured person to receive the proceeds from the life insurance policy upon the death of the insured person. The insured person also benefits from knowing (peac eof mind) they have secured financial protection for the beneficiary in case the insured person dies.
Indefinitely or until the contingent is found and paid.
Life Insurance is the same thing as Death Insurance, If you are insured, and you die, your beneficiary receives the proceeds of the life policy.
Generally, no. Life insurance proceeds are paid directly to the beneficiary of the policy, if that person is living at the time of the insured's death. If a contingent beneficiary is named, the proceeds are paid to him/her. If the policy specifies that the proceeds are to be paid to the estate of the insured, or if none of the named beneficiaries are living upon the insured's death, proceeds will be paid to the estate. In that event, they become part of the Estate. If the law of the State in which the insured died requires a probate proceeding (usually depending upon the size of the estate), the life insurance proceeds would pass through the estate.
The beneficiary designated on the policy application is the recipient. Usually, a secondary ("contingent") beneficiary is also named in the event that the primary beneficiary dies before the insured. The estate of the deceased can also be the beneficiary if it is named as such or if there are no named beneficiaries or if all of them die before the insured. In that event, the insurance proceeds become a part of the estate and are distributed according to the insured's Last Will and Testament. If the insured dies without a Will, the estate, including the insurance proceeds, pass according to state law according to the laws of intestate succession.