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In a simple life insurance policy, can I name my bank (Bank of America) as the beneficiary?
The OP did not mention a loan or why he wanted to do this. You are making an assumption which may or may not be correct.
They need to have insurable interest. ....
They need to have insurable interest. A loan would work, but I think am underwriter might not look to hard for loan info.
A beneficiary does not need to have an insurable interest. The owner of the policy needs to have an insurable interest. Not the beneficiary.
If I want to take out a policy on myself tomorrow and name the local Humane Society as a beneficiary, the issue of insurable interest does not into come into play for the Humane Society and I do not need their permission to do so. Again, the reason being that they are a beneficiary- not the owner. The are free to accept or not accept the funds if they want when the pay-out occurs.