Total Comments: 1152
Posted: Fri May 06, 2011 12:17 pm Post Subject:
Sorry for not seeing this sooner.
Your remedy lies in the bank's regulator -- they are either regulated by the state or by the federal government's Comptroller of the Currency.
For the bank not to have any record of this account is beyond comprehension, but not unbelievable. After all, they continue to make money on the liability until it goes off the books. The longer they can stall, the more money they make. If this turns out to be a "general business practice" (which is prohibited), you could be in line for additional damages.
What would you suggest that I do?
Determine who the regulator is and file a formal complaint.
Posted: Mon Jul 25, 2011 04:14 pm Post Subject: irrevocable beneficiary
my mother and father had a life insurance policy on my father with a irrevocable beneificiary as my mother i was put on as contingent beneficiary...my mom died in 2008 and my father changed the contingent beneficiary and the beneficiary...it was to my understanding you need the beneficiary's signature to change and irrevocable policy....is that null and void if the beneficary dies before the insured??
Posted: Wed Jul 27, 2011 03:02 pm Post Subject:
Should be, but insurance law is more state specific, so you'd be wise to check with someone in the state of NJ. I'd go to the Dept of Insurance and ask. Again, now that the irrevocable beneficiary is deceased, changes should be allowable so long as you were never named an irrevocable beneficiary.
Posted: Mon Aug 01, 2011 06:24 pm Post Subject:
When an irrevocable primary beneficiary dies, the policyowner is free to name a new primary beneficiary. The new beneficiary does not need to be irrevocable. A contingent beneficiary is not usually named as an irrevocable beneficiary. But even if they were, the primary beneficiary could lawfully be changed without their permission or knowledge, because a contingent beneficiary is not automatically elevated to primary during the lifetime of the insured. A contingent beneficiary is only in line to receive money if there is no surviving primary beneficiary at the time of the insured's death.
Posted: Tue Mar 12, 2013 12:07 am Post Subject: Life ins policies thru work
if your spouse is covered for life insurance thru work, can I be made the irrevocable beneficiary and "owner" of the policy? I realize it would only be good if my spouse is still working for the company should something happen. I'm in the process of working with legal counsel to put together a proposal in preparation of filing divorce papers. (we are separated)
Posted: Tue Mar 12, 2013 05:50 am Post Subject:
I realize it would only be good if my spouse is still working for the company should something happen.If this is group insurance, neither you nor your (about to be ex-) husband can be the policyowner. That privilege belongs to the employer.
I'm in the process of working with legal counsel to put together a proposal in preparation of filing divorce papers. (we are separated)You don't mention what state is involved, but it really doesn't matter if the policy is governed by ERISA. A group policy governed under ERISA is controlled by the Summary Plan Description, not state insurance laws.
To become, in effect, the irrevocable beneficiary, your divorce order would have to grant you that status, and then the Plan administrator would have to be served with a copy of that document. Even so, the Administrator may not have to abide by the state court order, which could allow your husband to change the beneficiary after the divorce is final.
A recent appellate court decision could, however, give you the right AFTER the insurance payment was made to another beneficiary, to sue that beneficiary for the value of the proceeds, not the insurance company.
Posted: Fri Oct 18, 2013 09:04 pm Post Subject: irrevocable beneficiary
my husband named me an irrevocable beneficiary. I have found out that the policy was recently terminated for non payment. Will the company notify me of this offiially? What can I do about it?
Posted: Sat Oct 19, 2013 03:37 pm Post Subject:
I have found out that the policy was recently terminated for non payment.And how did you come to know this?
Will the company notify me of this offiially?Does the insurance company have your contact information? If not, how would you expect them to locate you?
What can I do about it?The answer to this question depends on whether there was a legal order for you to be named irrevocable beneficiary of the policy, such as a condition of granting a divorce or other legal judgment.
If there was no "legal" requirement to name you the beneficiary, there is no legal recourse for what the policyowner has a right to do. An irrevocable beneficiary may not be changed without the irrevocable's written consent. But the irrevocable beneficiary cannot interfere with the owner's rights in the contract that are not a legal obligation.
And even then, if you did have such an order, it is your responsibility to file that order with the insurance company.
Posted: Sat Oct 19, 2013 05:46 pm Post Subject: Irrevocable Beneficiary
1) I was told by family.2) They do have my contact information.
3) It was ordered by the judge and is in the divorce papers
4) The insurance company representative I contacted told me the company has no obligation to notify me.
5)The company is American Mayflower Life
Posted: Sun Oct 20, 2013 12:04 am Post Subject:
3) It was ordered by the judge and is in the divorce papersDid you ever file a copy of the divorce order with the insurance company with instructions to notify you if any attempt to alter or terminate the policy was made? Do you know if you were actually made the irrevocable beneficiary? The policyowner has to do that -- the divorce order cannot do it for you.
4) The insurance company representative I contacted told me the company has no obligation to notify me.Unless you have instructed the insurance company to do so, this is correct. As the irrevocable beneficiary, you have some influence over what happens to the policy, but you are not the owner. You can prevent the owner from doing certain things, such as borrowing from the cash value or terminating the policy, which is what is happening.
You have a couple of options. First, you can arrange to pay the past due premiums and have the policy reinstated. Then you can march back into court and demand to be compensated for your loss (the premiums paid) and have the court reinforce the order to keep the policy in force. This is a "contempt of court" issue, and the court can order a variety of remedies.
What should have happened when your divorce was being handled, something most attorneys do not understand, is the OWNERSHIP of the policy should have been ordered to be changed to you, not the irrevocable beneficiary status, and your ex-spouse ordered to pay the premiums. As the owner, you can name yourself the beneficiary or not, because you have total control. Failure to pay premiums would result in you being notified prior to a policy lapse, and can go to court to enforce payment, which would be the same kind of contempt issue.
You should speak with the insurance company and determine what needs to happen to reinstate the policy, do that if you can, and then get a family law attorney to get you back in front of the court that has jurisdiction over your divorce order.