Contingent beneficiary: What rights does he have?

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Posted: Mon Nov 14, 2011 11:19 pm Post subject:

What if the primary beneficiary cannot be located (has not been heard from for 24 years) but the contingent beneficiary are located, is it possible for them to have the benefits or does the primary beneficiary have to be found or deceased before the policy can be released? _________________ Register Now to have your Insurance queries solved.

emilye 62

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Posted: Tue Nov 15, 2011 3:34 pm Post subject:

START A NEW THREAD TO GET ANSWERED BY AN INSURANCE EXPERT. I think the primary beneficiary needs to be proven dead or legally disqualified to received the benefits, then only the contingent beneficiary can receive the payouts. _________________ Register Now to have your Insurance queries solved.

insurable

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Posted: Thu Nov 17, 2011 5:24 am Post subject:

Yes, unless it can be proved that the primary beneficiary has predeceased the insured, the money will eventually escheat to the state, which will hold it until it may be rightfully claimed. _________________ CA-licensed P&C Broker-Agent and Life Agent. CA Insurance Lic #0596197. Now investigating insurance company abuses, and providing litigation support and expert witness services. Send me your questions, and I'll send you my answers.

MaxHerr

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Posted: Thu Nov 17, 2011 5:51 pm Post subject:

The contingent beneficiary actually works as a backup beneficiary. This is to make sure that when the something goes wrong with the primary beneficiary, the next person whom the insured wanted to have the benefits, does get it without it being shared by other people. _________________ Register Now to have your Insurance queries solved.

abcd12

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Posted: Thu Nov 17, 2011 7:26 pm Post subject:

Quote:

when the something goes wrong with the primary beneficiary,

The most common "something" that affects the primary beneficiary is death. Criminal involvement in the death of the insured is another "something" that can occur. There are a couple of other legal disqualifications, but those are the top two.
_________________
CA-licensed P&C Broker-Agent and Life Agent. CA Insurance Lic #0596197. Now investigating insurance company abuses, and providing litigation support and expert witness services. Send me your questions, and I'll send you my answers.

MaxHerr

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Joined: 29 Nov 2009
Posts: 4622

Location: Pomona CA
209.53 Dollars($)

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