Can some one take out a life insurance policy on you without notifying you?
Answer:
No. You determine your own benificiary. Some states have laws that require that your spouse be your benificiary, but they can't do this without your knowledge.
Seems like a way to say "Put $1,000,000 on this persons life so I can kill them and collect." LOL
In fact, in some states, a spousal waiver is required if your spouse will not be your beneficiary.
yeah as works_out. was saying, It does seem kinda fishy if you take a life insurance policy out on someone else, it really is like betting on someone else's death (with VERY nice odds). However, I am fairly sure that insurance companies will only allow you to set yourself as the person insured. for example, a wife would have to have her husband get him to go and sign up for life insurance if she wanted to kill and collect, vs. buy insurance on his head, then kill and collect.
It would be logistically impossible. Insurance companies require a blood or saliva sample of the insured to make sure he/she isn't of substantial risk, such as having cancer, aids, diabities, etc.
Many companies have "janitor insurance" called COLI (Corporate Owned Life Insurance) as a tax strategy and personnell benefit. But again, most companies disclose this because they give a portion of the proceeds (usually 10,000) to a beneficiary of your designation.
There is a bill in congress to require disclosure by all companies to employees of COLI.
If you're not a minor, your life cannot be insured without your knowledge and consent.
Generally there must be a good reason why someone takes out (and is beneficiary of) a life insurance policy on someone else. It certainly is tough for the insured to pass a physical without his/her own consent.
Some businesses buy insurance on key employees - CEO, CFO, top salesperson - so that if something happens they have funds to hire a top notch replacement. I'm sure the employee cooperates.
No, you cannot take a policy out on the life of someone else without their consent. And, even with their consent, you must has some financial interest in that persons life. It's called "Insurable Interest." A Husband and Wife have insurable interest in each other's lives and in the lives of their children. Business partners have an insurable interest in each other for the sucess or failure of the business. A lender has an insurable interest in a borrower to the extent of the indebtedness.
In some cases, charitable organizations have an insurable interest in large donors, but that is not so clear and not the same in all states.
But in almost every case, except for minor children of the policyowner, the insured must sign the application for insurance, and must submit to medical underwriting requirements to determine the rating classification for that persons health and financial status, as well as the relationship to the person who will own the policy.
Grampy
No they cannot. The payer and the insured must be there to sign the insurance contract. There also must be insurable interest between both parties too.
yes ! must have "insurable interest"
No , In order to take out life insurance you must provide basic information . The person applying for insurance has to provide a valid I.D . Drivers license , Birth certificate , Social Security or state I.D. In most case you are required to provide two forms of I.D and one of them must be your social . You now are required to take a blood or swab test if you are applying for more than $9,000. in Life insurance and some companies require a Physical exam . Your beneficiary is also determined by you and must be named on the policy . It is possible to take out a policy on someone and own the policy with their consent . I hope this helps to answer your question .
My Parents took out policies on us kids,seems that a parent or guardian can do simple policies,after-all your still a minor.my x-wife sill has me coverd threw her work,it was never terminated,thats been two years ago.Seems every circumstance has different guide lines..
You have to sign it in order to name the beneficiary, don't you? If that was the case, we'd all be killing our rich homeys. You have to sign it yourself. They could ask for medical records, also. I guess they still can.
YES
NAHHHH
They do not have to notify you, and your state insurance commisioner's office could help you tell if there is one.
It is not possible any longer. In the late Fifties there was a plane crash in Quebec that killed all on board, because the husband of a passenger had planted a bomb in her suitcase to collect insurance that he had taken out on her life, without her knowledge. That was one of a number of cases that moved society toward much more stringent regulation of the insurance industry and who, and how, can take out policies on third parties.
I've heard there are some companies that have life insurance on their employees.
Yes, I came extremely close to dying 3 times last year, and came home to find out a whole lot!
Trust your instincts, always.
God Bless
Yes anyone can take a life insurance policy out on you, but the money will go to the next of kin i.e. spouse,child parent so on.
I am not sure if they is a way to find out if one has been taken out on you. Sorry
Only if they do it fraudulently.
The named insured must sign the application, even if he/she is not the owner of the policy. Furthermore, the agent must see the named insured for purposes of fraud, and to verify, as best as he/she can in the field, that the named insured is healthy. Some small death benefit plans do not require the named insured to have a medical exam, but others do. Unless you knew the name of the company - there are too many life insurance companies out there! - there would be no way (at least not this year) that youd could find out.
no. they could drink JUMAICAN RUM ON YOU but, they can not do that.
The insurance company must notify you if a policy has been taken out on you.
no, you must notify beneficiary.
no not possible
no
yes,it can be done without your knowledge, even it is against the law on some states, when scroupolous people think of scam with an insider's help/ accomplice.
Actually you can take a life insurance policy out on someone without them knowing it. But you would have to know them pretty darn well to be able to do it. You usually need a social security number and some companies require a medical exam but some do not. If you think you know the name of the company where the policy was taken out you could probably call and ask. Also, you probably couldn't take out more than a few thousand dollar policy without a medical exam. You can sign up for insurance without an insurance agent seeing you. I currently have life insurance and the agent never saw me. I did it by mail. I actually never spoke to anyone until I cancelled it.
yes they can, atleast in alaska they can, my mother took one out on me when i had my daughter, so my daughter would be taken care of, and i didn't know it till she told me
No. There were once 2 little old ladies at the turn of the 20th century. They were renting rooms in their home and taking out insurance policies on their tenants and *then* killing them off. Once their plot was discovered, the insurance laws were changed, making it impossible to do so. Does that answer your question?
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