Life Insurance Beneficiary

2 02 2008 Autor: Sherill

barinya.com

In most cases, the person insured and the policy owner are the same. Usually, the person who will take out the policy will assign it in their own name. So this means that he or she will be called both the owner of the policy and the insured. However, it is possible that a person will buy a policy in somebody else’s name. For example, if you will purchase a policy for your spouse, then your spouse will be the insured and you would be called the owner.
Also, the owner is allowed to change the beneficiary of the life insurance policy unless it is otherwise stipulated in the contract. When the beneficiary of the policy cannot be changed, it is typically referred to as an irrevocable beneficiary designation. In this case, there will be no changes to the policy until the beneficiary consents to it.

 Posted on: Saturday, February 2, 2008 at 6:48 pm and is filed under the category Related Topics.
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