Summary
When beneficiary estate appears on an insurance application, it usually indicates that the insurance benefits will be paid to the estate of the deceased owner, rather than directly to the insured. If estate beneficiary is stamped over the insureds date of birth, it signifies that the benefits are designated for the estate, making the date of birth irrelevant for claim processing. If the beneficiary is not the owner of an annuity policy, the beneficiary receives the benefits, while the owner controls the policy. Having the same agent for annuity and premium applications means the same agent facilitated both, but they are not necessarily the same product. NAIC code 68357 is associated with annuities. For specific legal advice, consult a local attorney.Full Conversation
If the words beneficiary estate appears on a premium insurance application for the insured and owner of the application after the first owner dies legally means what for the insured?
Hi ****, thank you for providing more details.
When the words "beneficiary estate" appear on a premium insurance application after the first owner dies, it generally means:
- The estate of the deceased owner is designated to receive the insurance benefits.
- The insured may not directly receive the benefits; instead, they become part of the deceased's estate.
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What does it means when estate beneficiary is stamped over the insured date of birth...
Hi ****,
When "estate beneficiary" is stamped over the insured's date of birth, it typically means:
- The insurance benefits are designated to be paid to the insured's estate.
- The insured's date of birth may not be relevant for processing the claim.
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What does it mean when the beneficiary is not the owner of the annuity policy?
Hi ****,
When the beneficiary is not the owner of the annuity policy, it generally means:
- The person designated to receive the annuity benefits (beneficiary) is different from the person who owns the policy.
- The owner controls the policy and can make decisions regarding it, while the beneficiary receives the benefits.
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What does it mean when the annuity application and the premium application have the same agents?,does it means the the annuity and the premium application is the same,does that mean that the both applications goes together?
Hi ****,
When the annuity application and the premium application have the same agents, it generally means:
- The same agent facilitated both applications.
- It does not necessarily mean the applications are the same or go together; they could be separate products managed by the same agent.
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If the NAIC code is * can that be associated with annuities yes or no?
Hi ****,
To answer your question, NAIC code * is typically associated with "Annuities." Yes, it can be linked to annuities.
Is there anything else you need assistance with?
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Hi ****,
I appreciate the kind words! Is there anything else you'd like assistance with regarding your legal questions? Your location would help provide more specific guidance.
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