Question
What is the name of your state? Pa
Is it legal to take a life insurance policy out on someone and name yourself as the beneficiary? And does the party that your taking the policy out on have to know? And what type on info do I need on the other person to take out the policy?
Answer
What is the name of your state? Pa
Is it legal to take a life insurance policy out on someone and name yourself as the beneficiary? And does the party that your taking the policy out on have to know? And what type on info do I need on the other person to take out the policy?
You have to have an insurable interest before you can take out a life insurance policy on someone.
For example, a husband could take one out on his wife; he couldn't take one out on the President of the United States (unless he was married to her).
Answer
What is the name of your state? Pa
Is it legal to take a life insurance policy out on someone and name yourself as the beneficiary? And does the party that your taking the policy out on have to know? And what type on info do I need on the other person to take out the policy?
There has to be an insurable interest between the two parties as seniorjudge indicated. Also, you cannot take out a life ins. policy on an adult without their knowledge - they would have to sign the application.
Answer
There has to be an insurable interest between the two parties as seniorjudge indicated. Also, you cannot take out a life ins. policy on an adult without their knowledge - they would have to sign the application.
My father recently passed away; we were notified by social security. A women claiming to be my late father daughter received the death benefit. My father, however is still legally married to my mother. This women states she was his daughter. Can she get in trouble for lying; also my father had dementia, and may have signed the policy without knowing what he signed. Is there anything we can do? Confused! What is insurable interest?
Answer
My father recently passed away; we were notified by social security. A women claiming to be my late father daughter received the death benefit. My father, however is still legally married to my mother. This women states she was his daughter. Can she get in trouble for lying; also my father had dementia, and may have signed the policy without knowing what he signed. Is there anything we can do? Confused! What is insurable interest?
Please begin a new thread, do not hijack someone else's.
Answer
Please begin a new thread, do not hijack someone else's.
Please forgive me Neal1421; but this is all new to me please excuse the oversight. unattentional hijack misstake. As I said before, what rights do we have when someone represents themselves as legal kinship, when in fact they are not, for the sole purpose of collecting on an insurance policy.