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What happens to unclaimed life insurance money? After a certain number of years, as defined by each state, insurance companies must turn over unclaimed life insurance money to the state government ...
Life insurance policies work by providing a death benefit to the named beneficiary when the insured passes away. The policy owner, who is often the insured, chooses who the primary beneficiary or ...
A life insurance death benefit claim can sometimes be denied based on specific exclusions written into the policy. One common example is an aviation exclusion, which could prevent a payout if the ...
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person.
A beneficiary in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. For example, the beneficiary of a life insurance policy is the person who receives the payment of the amount of insurance after the death of the insured. In trust law, beneficiaries are also known as cestui que use.
Knowing what your life insurance covers may be vital. After all, some types of life insurance are designed to cover you for your entire life — which means making premium payments for your entire ...
Accidental death and group life insurance: These policies often exclude deaths involving drugs or alcohol. If the insured was under the influence at the time of an accident, the claim might be ...
Life insurance money goes directly to the beneficiaries when you die, rather than to the estate, and isn’t subject to community property laws. Also consider giving away your assets before you die.
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