What to do if 2 beneficiaries were named on life insurance to receive the proceeds 50/50 but one name cannot be read?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What to do if 2 beneficiaries were named on life insurance to receive the proceeds 50/50 but one name cannot be read?
The insurance company requested the policy owner to correct but he died before this was done. What happens to that person’s money? There were no assets or estate.
Asked on June 10, 2014 under Insurance Law, Indiana
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 10 years ago | Contributor
The policy would have to be read in conjunction with your state law. But if the policy holder designated you 50% and the other 50% beneficiary is unclear then I would think that one very good possibility is that the unclear beneficiaries portion reverts to the decedent's estate and is distributed according to the Will or the state intestacy statute. If a party steps forward and claims it then the insurance company will probably start an interpleader action. Your half seems safe. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.