How can someone purchase a life insurance policy for someone else without them knowing?

Q. I always see on Forensic Files and other shows about murderers, they are able to purchase a life insurance policy for their spouse or relative without the person's knowledge. Then they kill the person for the money. Why are they able to buy a life insurance policy without the person knowing about it? Wouldn't that prevent some murders if there were better procedures put in place?
The shows I am talking about are shows abotu real people and real murders. Forensic Files, Snapped, even dateline.

A. Not legally. The application would have had to have the insured's signature. Otherwise, the signature is forged, or the insured was enticed to sign something without knowing what the instrument was.

For larger life insurance policies, there are medical exams, blood tests, EKG's, etc., to qualify the insured for the coverage. No one can go through those tests without knowing the reason.

The insured could have bought a large policy, and made the spouse, or other perpetrator with an insurable interest the beneficiary.

If somebody wants another out of his/her life so bad that they would resort to muder, the insurance isn't going to make that much of a difference. The crime will probably be attempted anyway.

It kind of sounds like you want to put blame on the insurance companies; just like people put the blame on guns. That would be the same as blaming Ford Motor Company if someone driving a Ford product purposely ran over and murdered his victim.

It's not the insurance company's fault. It's not the gun's fault. It's not the vehicle's fault, but the blame should go to the one who committed the despicable crime - the perpetrator.

Original Question

Can your homeowners insurance policy be cancelled if you get a big dog?

Q. I know someone who had a homeowners insurance policy that was cancelled because of a big dog that her friend gave her. Is that allowed?

A. Yes very much so. Certain breed's of dogs will void a home owners insurance policy. This is based usually on vicious breeds who tend to generage alot of liability claims. It states this clearly in your policy. If your friends looks at her HO3 policy she will see which specific breeds will cancel her policy. Also many HO3 policies place exclusions against trampolines & swimming pools.

If she chooses to keep the dog - she will have to go through an excess/surplus company to get her homeowners insurance. She will pay about 3x the amount she was paying prior. Its up to her if the dog is worth keeping.

Original Question

Can a will override a life insurance policy regarding beneficiaries?

Q. My father in law had a life insurance policy that stated who the beneficiaries were. A few months ago he re-wrote his will and in the will stated that he no longer wants the original beneficiaries but rather some other ones. The policy was never changed, and he is now deceased. Do we go with the policy or the will?

A. The life insurance policy is a separate contract between the policy holder, your late father-in-law, and the insurance company. They pay the monies to the beneficiary stated on the policy regardless of what the will states. The policy is not part of the estate. You have to follow them both. The only time the life insurance monies would be divided amongst those named in the will is if the policy stated that the payment be directed to the policy holder's estate. (This is not that common.)

I know of a few people that had life insurance policies pay out to someone other than who was named in the will. In some cases it was because of the policy holder's wishes... and in other cases it was because the policy holder did not update the life insurance beneficiary information when there was an event in their life that changed their relations.

One specific case... a former girlfriend was paid a life insurance policy because a woman's husband neglected to update the policy when he got married to someone else years after it was first taken out. The wife had no claim against the insurance company.

Original Question

Would a will and life insurance policy be valid in a different state?

Q. If I make a will and a life insurance policy in Florida, would both of them be valid in Hawaii or would I need to update it? Sources?

A. The life insurance policy would be fine. You should check with a lawyer to see if the will is valid in Hawaii. States have different laws and rules about what makes a valid will.

Original Question

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Can your homeowners insurance policy be cancelled if you get a big dog?

Q. I know someone who had a homeowners insurance policy that was cancelled because of a big dog that her friend gave her. Is that allowed?

A. Yes very much so. Certain breed's of dogs will void a home owners insurance policy. This is based usually on vicious breeds who tend to generage alot of liability claims. It states this clearly in your policy. If your friends looks at her HO3 policy she will see which specific breeds will cancel her policy. Also many HO3 policies place exclusions against trampolines & swimming pools.

If she chooses to keep the dog - she will have to go through an excess/surplus company to get her homeowners insurance. She will pay about 3x the amount she was paying prior. Its up to her if the dog is worth keeping.

Original Question

Can a will override a life insurance policy regarding beneficiaries?

Q. My father in law had a life insurance policy that stated who the beneficiaries were. A few months ago he re-wrote his will and in the will stated that he no longer wants the original beneficiaries but rather some other ones. The policy was never changed, and he is now deceased. Do we go with the policy or the will?

A. The life insurance policy is a separate contract between the policy holder, your late father-in-law, and the insurance company. They pay the monies to the beneficiary stated on the policy regardless of what the will states. The policy is not part of the estate. You have to follow them both. The only time the life insurance monies would be divided amongst those named in the will is if the policy stated that the payment be directed to the policy holder's estate. (This is not that common.)

I know of a few people that had life insurance policies pay out to someone other than who was named in the will. In some cases it was because of the policy holder's wishes... and in other cases it was because the policy holder did not update the life insurance beneficiary information when there was an event in their life that changed their relations.

One specific case... a former girlfriend was paid a life insurance policy because a woman's husband neglected to update the policy when he got married to someone else years after it was first taken out. The wife had no claim against the insurance company.

Original Question

Would a will and life insurance policy be valid in a different state?

Q. If I make a will and a life insurance policy in Florida, would both of them be valid in Hawaii or would I need to update it? Sources?

A. The life insurance policy would be fine. You should check with a lawyer to see if the will is valid in Hawaii. States have different laws and rules about what makes a valid will.

Original Question

Is the medical record number on the Kaiser permanente ID card the same as the insurance policy number?

Q. I am trying to find my insurance policy number and I heard that its on my kaiser permanente ID card. But all I see are my medical record number and some other information about myself. So, I'm wondering if the medical record number on my ID card is the insurance policy number?

A. What insurance policy? Kaiser is not an insurance company. It is an HMO. The MRN on the Kaiser card has your group number. You should check with your employer and ask if that is a group number and your personal I.D. number or call Patient Relations and ask them.

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How much is an insurance policy purchased in 1967 worth?

Q. My dad bought a life insurance policy in the amount of $10K, and all of the dividends have been reinvested back into the policy. I have no idea how much this policy would be worth upon his death. I don't want to call his estate attorney, because that may seem callous. Maybe someone would be able to give me a ballpark figure on the amount this policy will pay upon his death (which I hope isn't for a long time, by the way!)

A. Assuming he has no loans against the policy and has continually paid the premiums it would be somewhere between $10,000 & $20,000...and probably closer to the mid to lower end of that range. But, as the first responder said there's no way we'd really no so the best your'e going to get here is a range. If you're thinking it would be more then you'll be disappointed. The insurance policy was probably just designed to be worth $10,000 in cash at age 100, but then again there's no way for us to know what he bought then.

Original Question

Can I convert my Adjustable Life Insurance policy to Term Insurance?

Q. I currently have a $300,000 Adjustable Life Insurance policy and want to convert it to a $300,000 20 Year Term. Can I do this or will I have to surrender the policy and start a new policy? I checked my life policy and there is nothing mentioned about any type of conversion. Just curious about everyone's thoughts.

A. You can change your Adjustable Term life insurance policy to a 20 year term. It is taking a new policy and starting over.

But it is well worth it to get a policy that will not increase in premiums for 20 years.

Original Question

How Much interest does a life insurance policy accumulate?

Q. My aunt died recently, and she had a life insurance policy no one knew about, and my mom is the beneficiary. She wanted me to find out how much interest can be accumulated from a general policy. It was never updated, and it was just sitting there gaining interest since the 1960's. The original amount was $500. Does anyone have an estimate of how much it could be worth now? My mom told me if i found out, and helped her, she would give me some money :)

A. Sorry to hear from your loss, but the answer I'm going to give you is going to make you mad. However, it will also be an educational experience for you.

The way life insurance works is that it pays a death benefit upon death of the insured (your aunt) to a beneficiary (your mom). The type of life policy that your aunt has is called a cash value life insurance policy. This is a life insurance plus savings built into one policy.

While your aunt was still living, the interest rate that a person typically gets on the cash value is between 0-4%. When she died, your mom is suppose to get the death benefit plus the savings, right? Well, that's not how life insurance works.

In most cash value life insurance, it only pays out one or the other. If your aunt was living and she wanted to cancel the policy, she would get the savings, but lose the death benefit. Since your aunt is dead, your mom would only get the death benefit. So what happen to the savings? The insurance company keeps it and there's nothing you or your mom can do about it because it says it in the policy.

So to answer your mom's question, you would say "the interest rate is between 0-4%, but we're not going to see that money because the savings isn't ours. But at least we get the death benefit. If you don't believe me, we should read her life policy together."

Original Question

Can I convert my Adjustable Life Insurance policy to Term Insurance?

Q. I currently have a $300,000 Adjustable Life Insurance policy and want to convert it to a $300,000 20 Year Term. Can I do this or will I have to surrender the policy and start a new policy? I checked my life policy and there is nothing mentioned about any type of conversion. Just curious about everyone's thoughts.

A. You can't convert any life insurance policies that builds cash value into a term policy. Term insurance does not build cash value.

My suggestion is buy the 20 year term and wait until the policy is issued to you. Then either cancel the Adjustable Life Insurance OR do a 1035 exchange into a variable annuity. I believe that Metlife's Prime Elite IV variable annuity is the best variable annuity I ever seen. It guarantees you against losses in the first 10 years of the contract.

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Is the medical record number on the Kaiser permanente ID card the same as the insurance policy number?

Q. I am trying to find my insurance policy number and I heard that its on my kaiser permanente ID card. But all I see are my medical record number and some other information about myself. So, I'm wondering if the medical record number on my ID card is the insurance policy number?

A. What insurance policy? Kaiser is not an insurance company. It is an HMO. The MRN on the Kaiser card has your group number. You should check with your employer and ask if that is a group number and your personal I.D. number or call Patient Relations and ask them.

Original Question

How much is an insurance policy purchased in 1967 worth?

Q. My dad bought a life insurance policy in the amount of $10K, and all of the dividends have been reinvested back into the policy. I have no idea how much this policy would be worth upon his death. I don't want to call his estate attorney, because that may seem callous. Maybe someone would be able to give me a ballpark figure on the amount this policy will pay upon his death (which I hope isn't for a long time, by the way!)

A. Assuming he has no loans against the policy and has continually paid the premiums it would be somewhere between $10,000 & $20,000...and probably closer to the mid to lower end of that range. But, as the first responder said there's no way we'd really no so the best your'e going to get here is a range. If you're thinking it would be more then you'll be disappointed. The insurance policy was probably just designed to be worth $10,000 in cash at age 100, but then again there's no way for us to know what he bought then.

Original Question

Can I convert my Adjustable Life Insurance policy to Term Insurance?

Q. I currently have a $300,000 Adjustable Life Insurance policy and want to convert it to a $300,000 20 Year Term. Can I do this or will I have to surrender the policy and start a new policy? I checked my life policy and there is nothing mentioned about any type of conversion. Just curious about everyone's thoughts.

A. You can change your Adjustable Term life insurance policy to a 20 year term. It is taking a new policy and starting over.

But it is well worth it to get a policy that will not increase in premiums for 20 years.

Original Question

How Much interest does a life insurance policy accumulate?

Q. My aunt died recently, and she had a life insurance policy no one knew about, and my mom is the beneficiary. She wanted me to find out how much interest can be accumulated from a general policy. It was never updated, and it was just sitting there gaining interest since the 1960's. The original amount was $500. Does anyone have an estimate of how much it could be worth now? My mom told me if i found out, and helped her, she would give me some money :)

A. Sorry to hear from your loss, but the answer I'm going to give you is going to make you mad. However, it will also be an educational experience for you.

The way life insurance works is that it pays a death benefit upon death of the insured (your aunt) to a beneficiary (your mom). The type of life policy that your aunt has is called a cash value life insurance policy. This is a life insurance plus savings built into one policy.

While your aunt was still living, the interest rate that a person typically gets on the cash value is between 0-4%. When she died, your mom is suppose to get the death benefit plus the savings, right? Well, that's not how life insurance works.

In most cash value life insurance, it only pays out one or the other. If your aunt was living and she wanted to cancel the policy, she would get the savings, but lose the death benefit. Since your aunt is dead, your mom would only get the death benefit. So what happen to the savings? The insurance company keeps it and there's nothing you or your mom can do about it because it says it in the policy.

So to answer your mom's question, you would say "the interest rate is between 0-4%, but we're not going to see that money because the savings isn't ours. But at least we get the death benefit. If you don't believe me, we should read her life policy together."

Original Question

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Can your homeowners insurance policy be cancelled if you get a big dog?

Q. I know someone who had a homeowners insurance policy that was cancelled because of a big dog that her friend gave her. Is that allowed?

A. Yes very much so. Certain breed's of dogs will void a home owners insurance policy. This is based usually on vicious breeds who tend to generage alot of liability claims. It states this clearly in your policy. If your friends looks at her HO3 policy she will see which specific breeds will cancel her policy. Also many HO3 policies place exclusions against trampolines & swimming pools.

If she chooses to keep the dog - she will have to go through an excess/surplus company to get her homeowners insurance. She will pay about 3x the amount she was paying prior. Its up to her if the dog is worth keeping.

Original Question

Can a will override a life insurance policy regarding beneficiaries?

Q. My father in law had a life insurance policy that stated who the beneficiaries were. A few months ago he re-wrote his will and in the will stated that he no longer wants the original beneficiaries but rather some other ones. The policy was never changed, and he is now deceased. Do we go with the policy or the will?

A. The life insurance policy is a separate contract between the policy holder, your late father-in-law, and the insurance company. They pay the monies to the beneficiary stated on the policy regardless of what the will states. The policy is not part of the estate. You have to follow them both. The only time the life insurance monies would be divided amongst those named in the will is if the policy stated that the payment be directed to the policy holder's estate. (This is not that common.)

I know of a few people that had life insurance policies pay out to someone other than who was named in the will. In some cases it was because of the policy holder's wishes... and in other cases it was because the policy holder did not update the life insurance beneficiary information when there was an event in their life that changed their relations.

One specific case... a former girlfriend was paid a life insurance policy because a woman's husband neglected to update the policy when he got married to someone else years after it was first taken out. The wife had no claim against the insurance company.

Original Question

Would a will and life insurance policy be valid in a different state?

Q. If I make a will and a life insurance policy in Florida, would both of them be valid in Hawaii or would I need to update it? Sources?

A. The life insurance policy would be fine. You should check with a lawyer to see if the will is valid in Hawaii. States have different laws and rules about what makes a valid will.

Original Question

Is the medical record number on the Kaiser permanente ID card the same as the insurance policy number?

Q. I am trying to find my insurance policy number and I heard that its on my kaiser permanente ID card. But all I see are my medical record number and some other information about myself. So, I'm wondering if the medical record number on my ID card is the insurance policy number?

A. What insurance policy? Kaiser is not an insurance company. It is an HMO. The MRN on the Kaiser card has your group number. You should check with your employer and ask if that is a group number and your personal I.D. number or call Patient Relations and ask them.

Original Question

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is it legal to add someone illegal in your insurance policy

Q. is it legal to add someone illegal in your insurance policy?
how about if they are in the pink slip from the DMV.
Is it legal to add someone illegal, with no papers, in your insurance policy?
how about if they are in the pink slip from the DMV.
will it affect my credit?

.

A. If they are co-owner of the vehicle, they can be added as an additional insured on your policy. If they have a drivers license (in the state you are in or international), they can be added as a driver. If they drive the car, add them as a driver, however, remember, you are liable for any damage they do to others & to your vehicle. The insurance follows the vehicle.
Just being on the policy, they will not affect your credit, but, if you are sued for more than your policy limits, you can be left owing a lot of money to someone else, which is a whole other story.

Original Question

Can you resume your auto insurance policy one it was canceled?

Q. Can you resume your auto insurance policy one it was canceled? ok it was canceled 5 months ago I wasn't using the car so I didn't need insurance at a moment. Now I am planning on using the car again. Can I just call them and ask them to send me a monthly fee and get insurance resumed or do I need to go to insurance place and talk to Insurance sales agent and pay $200 finders fee again? I don't want to pay those fees again. Is there a way to resume my insurance without those extra fees. I am a California resident.

A. You will have to start a new policy with a new application. You should call around and get another agent. The $200 finders fee is excessive. Try this site to find the best auto insurance

http://saveautoinsurances.blogspot.com/

Here you can get quotes from different auto insurance companies in your area, its the best way to find an affordable auto insurance with a reliable company.

Original Question

Can you resume your auto insurance policy one it was canceled?

Q. Can you resume your auto insurance policy one it was canceled? ok it was canceled 5 months ago I wasn't using the car so I didn't need insurance at a moment. Now I am planning on using the car again. Can I just call them and ask them to send me a monthly fee and get insurance resumed or do I need to go to insurance place and talk to Insurance sales agent and pay $200 finders fee again? I don't want to pay those fees again. Is there a way to resume my insurance without those extra fees. I am a California resident.

A. You will have to start a new policy with a new application. You should call around and get another agent. The $200 finders fee is excessive. Our agency used to charge a fee of $20 for new assigned risk policies ONLY because of the large amount of paperwork, low commission and high cancellation rate. We would never charge that on any other policy. Pick up the phone book & call other agents. Call someone that has a list of companies they represent under their name. When you call ask if they charge a finders fee. If they do, call someone else. I was under the impression that "finders" fees are limited. Call the CA Dept of Insurance to find out if they are limited in CA.
You won't be able to avoid a new application but you certainly should be able to avoid a finders fee. Sounds like maybe you had a broker that doesn't represent any companies. Agents get paid on commission from the companies they have an agency agreement with, they don't need to charge insureds additional fees.

Original Question

Is it more likely that I will have to pay more than my insurance policy in a lawsuit?

Q. I am being sued for a car accident. My policy is $100,000.00. How often does a lawsuit amount go beyond insurance policy? If the plaintiff doesn't agree to settlement, what are their chances of winning more than what your insurance policy is?
If it does go to trial, can they freeze my account?

A. It depends on the injuries and damages! $100,000 will take care of most accidents - but not all.

You can ask your agent to talk to your adjuster.

There are really two different situations, when an auto claim like this goes to suit:

1. When the plaintiff has more in damages, than you have in policy limits, AND they think you have assets they can get, if they win or

2. When the plaintiff is demanding a ridiculous amount to settle - like $50,000 for a broken fingernail - and the insurance company fights it all the way, to get a reasonable settlement.

Without knowing how severe the property damage and bodily injury was, it's impossible to say. I usually get one or two auto claims a year, that "settle" for MORE than $100,000. Typically, it's a fatality, or serious injury incurring surgery, nursing home, and rehab care.

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