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 Posted: Wed Oct 21, 2009 7:40 pm Post subject: |
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| One of the two happened either the policy was always in my husbands name and his grandmother just paid the policy of two she had directed that upon death the he would become the owner. Either way his name was forged by his stepfather making himself the new owner. I can't believe the insurance company even accepted the change of ownership with no social security numbers listed, no notary and the witnessing insurance agent signing his own name making himself the new owner. |
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robomy
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| Posted: Thu Oct 22, 2009 3:13 am Post subject: |
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Wow, interesting post!  
Not to throw step-daddy under a bus or anything, but what a slimeball. While it certainly wouldn't have been illegal to be the owner of the policy, it was pretty obvious by his actions that this was something that he wanted hidden from mom. Not the purchase of the policy, but the "inner-workings" of the policy language that allows transfer of policy ownership and the steps required to accomplish the transfer. The original ownership of the policy comes into mind, too.
I agree absolutely with the OPs latest comment about the lack of information required to effect the transfer and subsequent actions. I gotta hunch that the paperwork on this was done a looong time ago when privacy laws, notice of information practice requirements and all that stuff didn't exist. That truly sucks, if you'll excuse my type-age.
It made me smile when I read that he got, or hopefully will be getting busted. Gooooooood.  I wonder how many others he did a number on?
The information you've gotten in the thread is good info. Please let us know how this bad B-movie progresses.
InsTeacher 
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InsTeacher
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| Posted: Thu Oct 22, 2009 5:52 am Post subject: |
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On one hand your husband should inform the carrier and ask for an investigation. On the other hand, he might also register a complaint with the State DoI. Once you obtain the police report things would be easier for you.
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anonymous00
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| Posted: Mon Nov 02, 2009 4:40 am Post subject: |
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To clarify a few points here...
No after the passing of an owner ownership does not have to pass to the insured, the original owner can name a secondary owner who would take ownership at that time. If the policy is paid up as in your case, the new owner would not need to pay premiums but would have access to the cash values in the account.
No there is no ethics violation for an agent to have ownership or be named beneficiary. Anyone can be named beneficiary to a policy. At issue an indurable interest must be proven, but after issue beneficiaries can be changed w/o indurable interest being required.
Your particual situation has a unique wrinkle. You have a different insured, different owner, and different beneficiary. This means your policy trips what's known as a goodman triangle and if you were to die the death benefit paid would no longer be tax free--mom would owe taxed on all of it.
It's not uncommon to see secondary beneficiaries in a case like yours, and if your stepfather were to die ownership would likely pass to you. There is no need for a will to make any of this happen. In fact even if one did exist leaving all assets to someone else, ownership of this policy would have most likely passed to him in this case. This provision is typical on juvenile life insurance to ensure children insureds do not end up with access to the cash values until the owner has decided he/she wants the insured to even if the original owner dies.
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anonymous34
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| Posted: Mon Nov 02, 2009 4:41 am Post subject: |
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post deleted as duplicate
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anonymous34
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| Posted: Mon Nov 02, 2009 6:53 am Post subject: |
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| First of all my Husband after review was the orginal owner his grandmother had only applied for the policy when he was a child and made the premiums. Passing of the ownership only occured when his stepfather forged his name last year. My husband was 38 at the time. After a complete set of documents is acquired, he will be arrested. When he is arrested which will be very soon "according to the detective working the case," I will let everyone know exactly what he is being charged with. As of now the charge is theft by fraud. I do not know if the policy has cash value it is a 10 year pay with an accident rider. Either way it doesn't matter never planned on cashing policy out. Thanks for all the advice, this has been a GREAT resource center. Will keep everyone updated. |
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robomy
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| Posted: Mon Nov 02, 2009 8:55 am Post subject: |
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If the step father had forged his name, then it's certainly an insurance fraud and he'll face severe charges. But one thing that you'd need to be certain is that your husband had remained as the 'beneficiary' till this late ownership transfer. If your husband's grandmother had changed her mind at any point of time, then that becomes another thing altogether!
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Pinkfloydfan
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| Posted: Mon Nov 02, 2009 9:44 am Post subject: |
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| My Husband is not the beneficiary and has never been. His mother is the beneficiary. That is why he had inquired about the policy in the first place to change the beneficiary because of him having a very poor relationship with his mother and stepfather who he has not spoken to in years. I should also mention that she is under investigation, that she may have known or helped in the crime. There is no doubt my husband was the current owner. That is where his name was forged on the insurance form under current owner. Hope this clears up the situation some. |
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robomy
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| Posted: Wed Nov 04, 2009 12:14 pm Post subject: life insurance |
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| As i read this entire thread, actions, like this, make me sick!! It's horrible how your REALLY see how family memebers can be, when it comes to money. It's so sad to see 'Clients' of mine who are taken advantage of by family members. Some of my 'Clients' have Alzhiemers (spelling?) and don't know WHAT they are signing...even if the family memeber swears they are of 'sound mind'. I understand the thread is another situation, however, I think it's the same 'concept'. |
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sdchargersfan
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| Posted: Wed Nov 04, 2009 11:48 pm Post subject: |
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| It is a shame. People get so GREEDY! It is Sick! Just to keep everyone up to speed there was a loan taken out agianst the policy weeks after it was changed. They have not made one payment back. We think God that we found out about this now or there would have been a big surprise in the event of his death. If the interest would have exceeded the cash value, the policy would have terminated. |
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robomy
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