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 Posted: Tue Sep 22, 2009 12:04 am Post subject: Death of policy owner |
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| What is the status of auto and homeowners insurance policies that are in force at time of policy holder death. As daughter and caregiver, I have been living at the house and driving her car for the past 8 months while she was in & out of the hospital. |
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kbynot1
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| Posted: Tue Sep 22, 2009 12:22 am Post subject: |
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| The contract is between the named insured and the insurance company. If the NI dies I'd say the contract ceases to exist. The auto or HO policies don't have any provisions built into the policy to extend to anyone else. While state law may differ, I doubt it would mandate the policy be extended to anyone else. |
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tcope
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| Posted: Wed Sep 23, 2009 12:48 pm Post subject: |
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| Quote: | | While state law may differ, I doubt it would mandate the policy be extended to anyone else. |
All states differ as Tcope posted...as an example, my MO auto policy specifically addresses death of a 'named insured' as follows:
| Quote: | For the period of time this policly remains in force after the death of the last named insured, it will continue to cove the spouse of the last surviving named insured on the date of his/her death. Coverage will be provided as if the last surviving named ins were still alive, for the balance of the current policy period. In addition the following persons will be treated as having permission to use the described auto:
1) the named ins's legal rep. but only while acting withing the scope of that person's duties as such, and
2) any person who at the time of the named insd's death, had possession of the described auto with permission, until a legal rep. for the named ins is appointed. We will cover that person for a maximum of 90 days from the date of the named insd's death.
No person who is ins. because of this policy section will have the right to renew this policy beyond the last date on which it provides coverage. All coverage ends if this policy lapses. |
I haven't checked a home owners policy. My point is, check Mom's policys...It may specifically address it, (like this MO policy)...or it may not. If it does not then contact Mom's agent, asap.
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Lori
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| Posted: Wed Sep 23, 2009 2:35 pm Post subject: |
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In Texas, there is nothing that would transfer a policy to an heir after death.
Who has insurable interest in the property after the death? Insurable interest means the policyholder has a financial stake in the property being insured. Insurable interest must exist at the time of loss for the policy to pay.
If the policyholder is deceased, to whom has the property been transferred to? That is the individual that needs to insure the property.
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AnMarieB
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| Posted: Tue Jan 24, 2012 8:17 am Post subject: HZhJoMabgO |
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At last! Sometnhig clear I can understand. Thanks!
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Missi
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