will the nominee become the sole owner??

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Posted: Fri Jul 17, 2009 11:34 am Post subject: will the nominee become the sole owner??

My friend's father has nominated his elder brother as a nominee of his life insurance policy. My friend asked that will his brother become the sole owner of the policy proceeds if his father dies?

Tulip

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Joined: 16 Jun 2009
Posts: 17

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Posted: Fri Jul 17, 2009 11:53 am Post subject:

Quote:

My friend's father has nominated his elder brother as a nominee of his life insurance policy

I'm assuming you are using the term 'nominee' to mean the beneficary.

Quote:

My friend asked that will his brother become the sole owner of the policy proceeds if his father dies

He's not the owner (most likely) of the policy but if he is the sole beneficary, then yes, as the sole beneficary he will get all the money when Dad dies.

Tulip, are you in the US?
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