Life Insurance Laws
What is Life Insurance?Life Insurance is a plan that consists of a person making monthly regular payments to a company during a person’s life time. When that person dies the company is entitled to pay funds to the beneficiary that is named by the deceased person. Experts answer the life insurance questions below.
Can a life insurance policy be changed by the power of attorney? If not can a life insurance policy stating beneficiary of 2 people be cashed by one person and the money kept by that person.An agent that may hold the powers such as an attorney could be able to modify the names of beneficiaries that are on a person’s life insurance policy. The person that is acting as an agent has certain job requirements to the person that appointed them to be the agent. If the agent fails to carry out duties as they are told then the person could be charged with breach of said duty. If two or more people are chosen by the deceased person to be the beneficiaries’ then Life Insurance Company will make sure that each person receives individual check. If one beneficiary is issued a check and will not give money that is for the other beneficiary; then the second beneficiary can file a lawsuit for their part of the inheritance.
Is there a statute of limitations on collecting life insurance benefits in Michigan?There isn’t a particular time frame to collect Life Insurance money that is has been left to a beneficiary. Although, if a person that has a claim on a life policy and if the insurance company rejects the claim that the person has issued, there would be a statute of limitation that would allow the person to sue the company for not allowing the person to seek the claim that was issued. The Statute of Limitations in Michigan is 6 years and it’s called the contract statute of limitations. If the insurance company decides to deny the beneficiary’s claim; the person will have 6 years from the time that the claim was denied to file a lawsuit against the company.
If a couple applies for life insurance; one person’s policy came in the mail but the other person’s policy has not. The insurance company stated policy is still in underwriting, during this situation the spouse died. What can the surviving individual do?The person should find the documents that the deceased spouse signed and review through the policy to see when was it supposed to go into in effect. Also, legal assistance is suggested to review the proper terminology of what the contract states. It help is suggested so it will help the person to realize if the contract would benefit or hurt the person in any kind of way.
Can a person invest Individual Retirement Account in fractional settlements in one’s self in Minnesota?The person will be allowed to use investment tool in a form of the Individual Retirement Account. If the person decides to seek this type of investment it is allowed. Lawfully, it is legal for the person to seek these actions. Minn. Statutes 2011 60A.957 to 2011 60A.9585 can be reviewed for more information.
Life Insurance laws are serious because every day in America there is someone who dies and soon after leaves money for a beneficiary to collect. What is Life Insurance? What is Life Insurance Act? What are the Life Insurance Provisions? Experts are here to help with Life Insurance Laws.