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I've never heard of this in my 30 years in the insurance business. It doesn't sound like a real insurance product.
Wiki User
∙ 8y ago
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Do you have to have a beneficiary on your health insurance?
In general, no. You only need a beneficiary for life insurance.
Can you have a secondary beneficiary on your life insurance?
Yes, you can have a secondary beneficiary on your life insurance policy. If the primary beneficiary is no longer living when you pass away, the secondary beneficiary would receive the proceeds from your life insurance policy.
Who receives life insurance the beneficiary or absolute assignee?
beneficiary
Is surviving spouse the legal beneficiary of a life insurance policy if a different beneficiary is named?
No, the spouse is not. The beneficiary is named. There are laws that require the spouse to sign an acknowledgement that there is life insurance that she is not the beneficiary of.
Who can legally change the beneficiary on a life insurance policy?
The Insured can change the beneficiary on a life insurance contract.
When referring to life insurance what is the definition of a beneficiary?
When referring to life insurance, a beneficiary is a person specified by the contract holder. This beneficiary will receive the benefits if the primary beneficiary has died at the time the benefit is to be paid.
Can you contest a life insurance beneficiary change?
The owner of a life insurance policy has the right to choose the beneficiary. Another person has no power to change that choice.
If you purchase life insurance policy on your adult child naming myself as beneficiary can adult child change beneficiary?
The purchaser of an insurance policy names the beneficiary.
When talking in life insurance what does contengent mean?
In regards to life insurance, contingent usually means secondary. For example a contingent beneficiary is a secondary beneficiary, not the primary beneficiary. The contingent beneficiary would receive the proceeds from a life insurance policy if the primary beneficiary were not alive when the insured person dies.
Will the insurance company pay the beneficiary if the beneficiary kills the insured?
Not if they found out.
Can a lover be a beneficiary in a life insurance?
You can make anyone you want the beneficiary.
What if the beneficiary of a life insurance is deceased?
When a life insurance policy is purchased, the purchaser (usually the insured) designates a primary beneficiary and a contingent beneficiary. The contingent beneficiary gets the proceeds if the primary beneficiary predeceases the insured. The insured can name a new primary beneficiary by contacting the insurance company or the insurance agent. THIS IS ONLY TRUE FOR PURCHASED LIFE POLICIES___ NOT POLICIES THROUGH AN EMPLOYER UNDER ERISA.
