Is there a laywer out there?
Jul 2, 2015 11:52:56 #
Since the insurance policy, owned by the ex-wife was taken out following the divorce, she has no insurable interest. But, the daughter does, since the insured is her father. However, the insured has to know of the policy. The wife would have a insurable interest if the amount was to insure co-owned property, such as a home for her, (with custody) of a minor child.
Jul 2, 2015 12:18:26 #
budclem
Loc: orcutt, ca
To apply for a Life Ins. policy the proposed insured must sign, Therefore he should ask the agent to get him a copy of the application and will verify it's not his signature.
The agent if he is the selling agent may not want to co-operate so if not he should write the insurance company direct as the agent also signs as a witness on the policy.
The policy can be cancelled and the agent will have his commission reversed
The agent if he is the selling agent may not want to co-operate so if not he should write the insurance company direct as the agent also signs as a witness on the policy.
The policy can be cancelled and the agent will have his commission reversed
Jul 2, 2015 12:30:26 #
Robert Graybeal wrote:
I'm not a lawyer, but I don't believe you can own a policy on someone else's life.
Just imagine, how much life insurance would be in force on our mr. president's life!!!!
Just imagine, how much life insurance would be in force on our mr. president's life!!!!
You ask us to "just imagine," that hordes of people would buy insurance policies on the President if they could. Correct? Your assumption then is that he would die young because he has so many people who hate him, and surely one of them would ensure that he died young, and that many people would collect big money on the policies they took out.
Do you not realize how truly tasteless--and unpatriotic, if not seditious--you sound? You've chosen a "stars and bars" avatar for this site. But your sick and adolescent attempt at humor is a disgrace even to the memory of the Confederacy. And I'm sure that your prominent U.S. senator from South Carolina would agree with me.
Jul 2, 2015 12:40:17 #
DaveO wrote:
Absolutely! I found the question more interesting than a lot of the other posts in Chit-Chat. :D
Me as well. Anything is game in the Chit Chat Section.
I am NOT a lawyer, but I did sell life insurance. As I recall, the only thing required to purchase a policy on someone else's life is a fiduciary connection wherein the person you insure has some financial responsibility to you. I do not recall that your knowledge or participation is required.
I suspect the ex wife or daughter claimed some financial income responsibility, and may even have had some proof showing financial responsibility, such as alimony or child support. I do not find this story uncommon, but would certainly follow up with an attorney.
The insurance industry legally has no end of means to make a financial link to sell insurance where one party insures the life of other parties. The LUTC (Life Underwriters Training Council) is an insurance educational organization that educates Life Insurance sales people in all forms of business, corporate and family forms of protection against the loss of a valuable life, even for persons unrelated to each other, other than in a financial way.
Again, not legal advice on my part.
By the Way... do you know what you have when you find 500 lawyers on the beach, buried in sand up to their necks.???
Not enough Sand!!!
Jul 2, 2015 12:56:35 #
Penny MG wrote:
B
Not sure about any other state, but in Texas you can only have a policy on another person if they are family or if you have a vested interest, like a partnership in a business. If there was already a divorce, the agent probably should not have sold a policy to the Ex-wife.
Not sure about any other state, but in Texas you can only have a policy on another person if they are family or if you have a vested interest, like a partnership in a business. If there was already a divorce, the agent probably should not have sold a policy to the Ex-wife.
I do not think this is true if there was an ongoing alimony or support payment after the divorce.... Not Legal Advice!!
Jul 2, 2015 12:57:05 #
tomw wrote:
The answer may differ state to state, but ordinarily the principle as that you can't buy life insurance on another person's life unless you have an insurable interest. A spouse or child ordinarily would have an insurable interest.
Domestic relations law may alter this, but even divorce ordinarily would not mean there was no insurable interest.
Your friend needs to consult a lawyer in his jurisdiction, especially if he is concerned about ulterior motives.
Domestic relations law may alter this, but even divorce ordinarily would not mean there was no insurable interest.
Your friend needs to consult a lawyer in his jurisdiction, especially if he is concerned about ulterior motives.
The eldest child does have a principle interest as she is his child. However, the ex-wife has no principal interest after the divorce was finalized and therefore, her motives are questionable and possibly the policy is illegal, but this depends on the state law where they reside. However, the agent, I think, is liable to notify the insured party of such policy in most situations.
Jul 2, 2015 13:46:50 #
rickerb wrote:
And finally I ask you. Is this against the law?
Does my friend have any recourse.
And finally I ask you. Is this against the law?
Does my friend have any recourse.
If it were me, I'd be calling the Insurance Company holding the policy and ask them if it is legal for someone to take an insurance policy out on you without you knowing.
Jul 2, 2015 14:23:53 #
romanticf16
Loc: Commerce Twp, MI
rpavich wrote:
Why in the world would you ask this on a photo forum?
What does "Chit Chat General Forum" mean if not open to any topic?
Jul 2, 2015 14:39:51 #
Jul 2, 2015 14:50:34 #
James Slick
Loc: Pittsburgh,PA
Business often take out policies on their employees. Now I have the theme music to the old radio show "Yours Truly, Johnny Dollar" in my head....
Jul 2, 2015 14:57:58 #
rpavich wrote:
Why in the world would you ask this on a photo forum?
While not photo related this demonstrates that at least to some we are friends that can discuss things other than our mutual hobby/ compulsion, nice that we are here for those that need us, even if only so that they can vent. Bob.
Jul 2, 2015 15:09:33 #
bobmcculloch wrote:
While not photo related this demonstrates that at least to some we are friends that can discuss things other than our mutual hobby/ compulsion, nice that we are here for those that need us, even if only so that they can vent. Bob.
Right on with that Bob
:D :D :D
Swede :thumbup: :thumbup:
Jul 2, 2015 17:39:59 #
not illegal. My brother cut himself off from the family and was doing a lot of drugs and drinking heavily. His health was poor and he was not very coherent most of the time from pain and pain meds. My sisters and I were very concerned he would OD or have a fatal accident and with no one other than us to take care of final expenses and arrangements, we pooled our resources and took a policy out on him that would take care of final arrangements. All we needed was his birthdate and social security number and keep up the premiums. If someone wants to invest/gamble on the length of your life and do it with their own money, they can do it.
Jul 2, 2015 20:43:05 #
rickerb
Loc: utah
Upon further investigation (talking to my friend) he told me that both his ex-wife and his daughter forged his signatures on these two policies. In other words, they are his. And those two bitches are paying for them.
Now it seems to me, that he could access these policies from his new agents computer and simply change the beneficiaries of the proceeds to his youngest (good)daughter. After all, they are his. They have his (forged) signature on them.
Now it seems to me, that he could access these policies from his new agents computer and simply change the beneficiaries of the proceeds to his youngest (good)daughter. After all, they are his. They have his (forged) signature on them.
Jul 2, 2015 20:48:25 #
rickerb wrote:
Upon further investigation (talking to my friend) he told me that both his ex-wife and his daughter forged his signatures on these two policies. In other words, they are his. And those two bitches are paying for them.
Now it seems to me, that he could access these policies from his new agents computer and simply change the beneficiaries of the proceeds to his youngest (good)daughter. After all, they are his. They have his (forged) signature on them.
Now it seems to me, that he could access these policies from his new agents computer and simply change the beneficiaries of the proceeds to his youngest (good)daughter. After all, they are his. They have his (forged) signature on them.
So what does the law say about this, is the wife and daughter doing rehab in the big house??
Seems like the logical place!
Swede
:-( :-(
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