Whats My Duty Here??

[STIBROKER]

Nope.

You are an agent of the insurance company, you have no "fiduciary duty" to the owner, insured or beneficiary. The beneficiary has no rights in the contract, they belong exclusively to the OWNER (usually, but not always the insured).

I guess it all boils down on how you run your business...with me both the insured and the beneficiary are my clients..was he not sitting at the table when the application was done..and you can say all day long that she is paying for it but in reality they are married ...what his is hers and vice versa...man I found that out the hard way.....

 

[moonlightandmargaritas]

I guess it all boils down on how you run your business...with me both the insured and the beneficiary are my clients...

Scott, I get what you are saying, but you said "fiduciary duty". That's different than "clients".

Your only legal duty (under most, if not all state's "law of agency") is to the insurance company that you are an agent of.

 

[STIBROKER]

Scott, I get what you are saying, but you said "fiduciary duty". That's different than "clients".

Your only legal duty (under most, if not all state's "law of agency") is to the insurance company that you are an agent of.

sorry my bad .........

 

[TDFnCali]

Ut Oh,

Cali is a Comm Property state....any change of beneficiary has to have a spousal signature! This lady is perhaps screwed, which means she could possible cancel (depending on how bad she hates the hubby). WoW, thats a $70+/mo premium....now what do I do??


HELP!!

 

[pcbinsurance]

I didn't know that was a necessity. If anyone asked me about changing the beneficiary due to a domestic situation, I would advise them to go on the insurance company's website and request the form or call them direct.

I saw this on an older form:

Community Property State Consent for residents of Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas,
Washington, or Wisconsin. If you are married, live in a community property state, and name someone other than your spouse as
beneficiary, you may have your spouse sign below to waive his or her rights to any community property interest in the benefit.
As the Insured's spouse, I do hereby consent to the beneficiary designation(s) indicated on this form and waive any rights that I may have to the proceeds of such insurance under applicable community property laws.
_
_________________________________________________________________________ _______________________________
Signature of Spouse Date
____________________________________________________

 

[Guest]

Over the years I've had requests like that to change the beneficiary from the spouse to for example a child and did not ask or want to know why and just served the clients need. Sometimes it is best to not know and not get in the middle of a nasty situation.

 

[WinoBlues]

Wait till the husband/owner changes the bene to a new girlfriend and ex wife is still paying on it. She thinks she is still the bene.

 

[b61mack]

If you were advicing your sister, or daughter,would you make them the owner of her husbands insurance. I would.

 

[WinoBlues]

If you were advicing your sister, or daughter,would you make them the owner of her husbands insurance. I would.

I would suggest it also. It would be up to her to get the signatures.

 

[GoCubsGo]

Hopefully we would hate to turn a blind eye to someone getting screwed.