Contingent Beneficiary: What rights does he have?

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PostPosted: Fri Feb 26, 2010 1:13 pm   Post subject:   

My goodness, how long does it take to answer the above question.


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PostPosted: Sat Feb 27, 2010 7:39 am   Post subject: Finding out beneficiary  

You can contact your father's executor who created his will. He will notify if you have been listed as the primary beneficiary on the life insurance policy. If you are unsure of the executive's identity, you can check with the probate court that executed the will. You can also contact the life insurance company, but you''ll be required to submit some documents to proof your identity before they provide you with any information.

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PostPosted: Sat Feb 27, 2010 1:48 pm   Post subject:   

You Father died four years ago, you saw this paper a year ago..why are you now bringing this up? Whatever insurance that was going to pay has already paid, would be my bet. Were your parents married when your dad passed? Were you a minor when your Dad passed?

What was mom's reason for you not being able to examine this better? I don't get how she 'wouldn't' let you see it, I'd have probably jerked it out of her hand..but then that's me Laughing If the policy had you as a primary beneficary, unless your Dad had a change and you didn't see those papers, someone would've had to forge something to change it.. (ie you removing yourself as primary)...can't you do some 'snooping' when Mom's not home?



You are going to need to know the company, and then contact them...

Quote:
My goodness, how long does it take to answer the above question.
Ease up there honey, you're a little impatient there, most of us have real jobs too Wink and after all this was free Wink


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PostPosted: Fri Mar 05, 2010 9:55 pm   Post subject:   

Right now I have my parents listed as my primary beneficiaries split 50-50 and then my siblings as the contingent benefits split evenly. What if one of my parents passes away before or at the same time I do and I haven't updated my beneficiaries? Would the whole 100% go to the surviving parent? Or would the surviving parent still just get the 50% and then my siblings would get the other 50% split evenly between them since they are the contingent beneficiaries? Thank you!


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PostPosted: Mon Jun 28, 2010 5:16 am   Post subject: Cintigency Beneficiary Calim Time  

How long does the contingent beneficiary have to claim the proceedsafter the death of the insured.

Test question answers: 5, 20, 30 40 years?



Wikipedia answer - indefinitely or until the beneficiary was found.



Which is correct?


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PostPosted: Tue Jun 29, 2010 4:03 pm   Post subject:   

What state license exam are we discussing?



First, a contingent beneficiary has NO CLAIM to death benefit proceeds if there was a surviving primary beneficiary at the time of the insured's death.



It is possible that some states might have a restriction on any beneficiary's application for a death claim. If that's the case, I would think 5 years would be the best answer. But normally, an insurer will honor the claim whenever it is presented.



So help us out here, and tell us what state's laws you are asking about.



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PostPosted: Thu Jan 06, 2011 5:22 pm   Post subject: beneficiaries  

I have listed my husband as primary and my parents as secondary. In case of primary passing at the same time my Parents would be in charge of my children and that seemed the logical thing for me since my children are still 13 & 15.

My concern is why can't I list my spouse on my life insurance policy and my 401k?


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PostPosted: Thu Jan 06, 2011 6:00 pm   Post subject:   

1) If you name your parents as contingent beneficiary and you and your husband die, the money belongs to your parents and not to your children. An attorney would probably advise you not to do it that way and instead have the contingent beneficiary be a trust under your will for the benefit of your children.



2)Your spouse can be the beneficiary of your life insurance and your 401(k).


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PostPosted: Fri Jan 07, 2011 10:40 pm   Post subject:   

Quote:
An attorney would probably advise you not to do it that way.




So would a highly ethical insurance agent! But it would be best not to name the trust as contingent beneficiary, and instead name the trust the primary beneficiary. Then you would use the trust document to describe how the proceeds are payable. There would be no need for a will to describe this.



As for the 401(k) plan, under federal law, your spouse MUST BE your beneficiary unless he signs off and allows someone (or something) else. If you were setting up a life insurance trust to receive those proceeds, you could potentially set up another trust to receive the 401(k) plan assets. You would need to speak with a tax adviser about the feasibility of doing that.


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PostPosted: Thu Apr 07, 2011 5:25 pm   Post subject: contingent  

I am the contingent on my dads policy that he had thru some job he worked for. His primary benificary can not be found for the last two years now they are contacting me so I can help them find her(primary B). when will i have right to anything?


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PostPosted: Sat Apr 09, 2011 4:20 am   Post subject:   

As contingent beneficiary, you only have an entitlement to the proceeds if the primary beneficiary has predeceased the insured or is legally disqualified from receiving the proceeds (as in having murdered the insured, for example).



If the primary was alive at the time of the insured's death, but has since died, the money is still payable to the primary's estate.



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PostPosted: Sun Jun 26, 2011 12:06 pm   Post subject: Life Insurance  

my mother listed myself and my brother as primnary beneficiaries on her life insurance policy.She passed away 2 months ago and although I have the original copiy of the policy and informed the insurance company of that, and I filled out akll the paperwork, they just issued my brother a check for the entire amount, and told me he promised to distribute the money.she split 20,ooo dollars between myself and other siblings and kept the rest for herself. Is htere anything I can do?


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PostPosted: Mon Jun 27, 2011 8:02 am   Post subject:   

Quote:
they just issued my brother a check for the entire amount, and told me he promised to distribute the money.she split 20,ooo dollars between myself and other siblings and kept the rest for herself. Is htere anything I can do?




You can tell the truth, that your brother was the sole beneficiary.



No insurance company pays money to one person who "promises" to do anything with the money. When they wrote the check to your brother, it was because there was no other beneficiary listed.



Quote:
she split 20,ooo dollars between myself and other siblings and kept the rest for herself.




Who is "she"? Your mother or your brother? This statement makes absolutely no sense. Your mother cannot split the money and keep the rest for herself -- she's dead. Your brother probably is not a she. And your opening statement was that your mother listed you and your brother as primary beneficiaries. There would be no "splitting" of the death benefit with anyone else unless all were named as primary beneficiaries.



When you have your story straight, we'll be happy to take another look at it.


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PostPosted: Wed Sep 28, 2011 10:25 pm   Post subject: primary beneficiary on life policy rights  

my wife was named the primary beneficiary by her friend who also left her sons and daughter (heirs) as the primary beneficiary on another policy. My wife had loaned her friend money to buy a home and is still owed part of the money. We assume, her friend left her money to cover her loan if she died. The value of the policy exceeds what my wife is owed and the heirs think they should get the proceeds from the policy left to my wife in addition to the money that my wife's friend left them. This is California and the insurance company is trying to get my wife to back off her claimm but if she is the beneficiary to this policy, isn't she entitled to all of it?


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PostPosted: Thu Sep 29, 2011 1:48 am   Post subject:   

Quote:
This is California and the insurance company is trying to get my wife to back off her claimm but if she is the beneficiary to this policy, isn't she entitled to all of it?


You are correct. The policy proceeds go to the primary beneficiary unless that person is legally disqualified, which your wife most likely is not.



If the insurance was to cover a specific debt, rather than naming your wife the beneficiary, your wife should have been given a "Collateral Assignment" of her interest in the policy as secured by the debt owed.



If an agent was involved, he/she should have counseled the policyowner to name someone other than your wife as the beneficiary. That way the excess proceeds would go to the primary beneficiary. If the debt was paid off prior to the death of the insured, then your wife would have executed a "Release of Collateral Assignment", and the primary beneficiary would be in position to receive 100% of the proceeds following the insured's death.



But since that did not happen, 100% of the proceeds are payable to the primary beneficiary. If that's your wife, no one can interfere with the transfer of the money from the insurance company to her . . . including the insurance company.



You can contact the CA Dept of Insurance for assistance with this if you'd like: http://www.insurance.ca.gov/contact-us/0200-file-complaint/


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