Lying on a Life Insurance Application Can Void All Coverage
An insurer is typically presume to know the rights at hold under the life insurance contract. However, if pertinent (i.e. … Read more
Legal Aspects of Life Insurance
Considerations When Naming a Trustee as Beneficiary on a Life Insurance Policy
When naming a trustee as policy beneficiary, it is good practice to name a back up beneficiary in case the … Read more
What are the Legal Rights of Intended and Incidental Beneficiaries in Life Insurance?
There are two types of beneficiaries: intended and incidental. Intended beneficiaries are the only type with standing (i.e. a legal … Read more
What Happens When an Error in Age is Discovered on a Life Insurance Policy?
If the error as to the age is discovered by the insurer prior to the insured’s death, either premiums or … Read more
When does the 2-Year Contestability Period Start on a Life Insurance Policy?
Usually the contestable period runs from the date of issue, which is typically the same as a policy date. But … Read more
Premium Due Notification Issues in Life Insurance
Many states require that the insurance company must notify the policyowner not more than 45 days or less than 15 … Read more
Why the Application for Life Insurance is Always Attached to the Policy Itself
The policy owner must be provided with a copy of the application that both eliminates uncertainties as to what is … Read more
Are the Death Benefit Proceeds of a Corporate Owned Life Insurance (COLI) policy tax-free?
Note that under the recently modified rules governing employer-owned life insurance, employers must now satisfy certain notice and consent requirements … Read more
Things to Consider Before Pledging Your Life Insurance as Collateral on a Loan
Policyowners use a collateral assignment (as the creditor’s interest may appear) form of transfer almost exclusively as a secondary source … Read more
2 Ways to Transfer Ownership of a Life Insurance Policy
As property, policyowners can transfer their life insurance contracts to other persons or entities. A policyowner can transfer either all … Read more