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Not necessarily. The insured is the person whose life, health or property is insured under the policy. While the insured may also be the owner, it may also be someone or something (if an entity) different. Typically, the owner pays the premiums, has the right to change beneficiaries, and possesses other indicia of ownership.
Usually the owner of the policy designated on the application for insurance. It is important for the insurer to know the identity of the owner from the standpoint of knowing from whom to take direction as to policy changes as discussed above.
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∙ 13y ago
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Is life insurance an asset of the insured?
Yes, if the insured is also the policy owner.
If an insured driver with permission from an insured car's owner gets into an accident will the driver or the owner be responsible for payments?
the owner of the car with insurance will be responsible
What is contingent owner on life insurance policy?
The new owner of a life insurance policy if the original owner dies before the insured.
How do you change ownership of and life insurance policy If the old owner died?
The owner of a life insurance policy is most frequently, but not always, the insured. If the insured is not the owner, and is still alive, he/she can contact the consurance company or the agent and designate another person as the owner.
Can you buy insurance if you do not own a car but drive a car which belongs to someone else who is not insured?
The vehicle is insured not the individual. You can pay for and obtain the insurance in the name of the owner with you listed as an insured operator.
As an owner of a life insurance policy can you change the beneficiary after the death of the insured?
Perhaps this question could be rephrased. The answer to the question as posed is: after the death of the insured, the policy becomes void, and the benefits payable. The simple answer is no, you as the owner can not change the beneficiary after the death of the insured (subject of insurance).
If you do not have insurance but the car is insured are you okay to drive it if you are not the primary driver?
Insurance follows the car, not the driver. As long as the car is insured and you have permission from the owner to drive it, you are covered.
How do you know if a car was insured in the year 2008?
Call the insurance company that the owner uses and ask them if it was insured. If you aren't sure what insurance company was used, DMV records should say whether the vehicle was insured or not.
Can the used car insurance policy be transferred to the new owner?
No. Insurance is based upon a persons ability to be insured.
How do you find out who the beneficiary is on a life insurance policy?
You can typically find out who the beneficiary is on a life insurance policy by checking the policy documents or contacting the insurance company directly. The beneficiary information is usually listed on the policy itself, in the beneficiary designation form, or in the insurer's records.
Do you have to be the owner of the vehicle to be insured on it?
You do not need to be the owner of the vehicle in order to be insured while driving the vehicle. Most states require all drivers of a vehicle to be included in the insurance policy.
Can you leave life insurance to the insured if so how?
I guess what your question is how to transfer the ownership of insurance policy to the insured if they are different person. The owner of policy can simply sign the form called "policy ownership absolute transfer form" which you can find it through your insurance advisor. If the owner passed away, and you had assigned contingent owner when you applied the insurance, that ownership will be automatically transferred to the contingent owner. Hope it answers your question.
