Got a call today from the daughter of a client of mine her mother had died . Policy was 6 yrs old and if it weren't for me staying on top of her it was 1 day from lapsing 2 weeks ago . That's why an agent so important . Anyway she had 5 month old policy on grandkid and daughter wants to keep it . How do I handkerchief that ? How do I make daughter the new owner on her child ? Is there avadavit the owner died ?
Question about the death of owner of Grandkids policy
- Thread starter DonP
- Start date
- 26,134
First question was she in a community property state? Was she married? Is the grandchild an adult?
I have had these become the insureds property I have also seen these before the estates property. Call the company.
I have had these become the insureds property I have also seen these before the estates property. Call the company.
- Thread starter
- #3
Call your HO and ask what is required. If you rewrite it will not be the policy grandma bought which could have a lot meaning in years to come. When I was on the debit the oldest policy on my book was bought in 1910 by a man's mother when he was a child. He never married had problems with alcohol and you think he would never keep a policy in force but he was tenacious about keeping it in force.
- 6,026
just rewrite it
- 5,050
Many policies (written in last 20 years or so) stated in the application that the insured becomes the owner of the policy when the owner dies if there was no contingent owner listed on the policy.
if the insured was a minor of such a policy at time of application, many carriers would have required a contingent owner. If insured at time of owner death is still a minor & becomes an owner as a minor, probate will become involved to oversee until the child reaches age a majority
unless contractual, you won't be able to merely make the parent the owner of the policy
if the insured was a minor of such a policy at time of application, many carriers would have required a contingent owner. If insured at time of owner death is still a minor & becomes an owner as a minor, probate will become involved to oversee until the child reaches age a majority
unless contractual, you won't be able to merely make the parent the owner of the policy
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