Is it true that you can get life insurance for anybody?
No related posts.
Related posts brought to you by Yet Another Related Posts Plugin.
Auto Insurance Auto Insurance Company Best Golf Boston Celtics Buy Insurance Car Auto Car Insurance Company Insurance Dad Game Golf Ball Golf Balls Golf Cart Golf Club Golf Clubs Golf Course Golf Courses Golf Game Golf Swing Golf Tournament Good Golf Handicap Health Insurance Holes Insurance Insurance Auto Insurance Car Insurance Company Insurance Life Insurance Work Irons Life Insurance Life Insurance Company Life Insurance Policies Life Insurance Policy Lot Money Parents People Play Golf Playing Golf Taylor Lautner Term Insurance Tiger Vw Golf
WP Cumulus Flash tag cloud by PopVan.cn and Rve requires Flash Player 9 or better.
5 Responses
2.1.2010
Best Answer – Chosen by Voters No. There must be insurable interest between you and the person being insured. Meaning, what financial impact will the person have on you when he/she dies? Plus the person being insured must also give consent to have a life policy bought on him or her since he/she is the one going to be subjected to medical testing and questions.Imagine you going to a nursing home or a place where there are bunch of very old people and you bought life policies on all of them. Sooner or later, they are going to die and you will be filthy rich! This is called insurance fraud and not only you will you be denied the death benefit, you will also face fines and penalties, and possible jail time. Source(s): state's insurance laws
2.1.2010
This is not necessarily true. The person you are purchasing life insurance for will have to sign the application and possibly pass a medical exam.
2.1.2010
You can get life insurance on anyone but you have to have an insurable interest, which means if they die are you in some way injured by their death. Such as a business partner or relative that you're dependent upon. No, you can't just insure your neighbor. Source(s): Independent Agent
2.1.2010
Yes, but 1. they have to give you permission – by signing the paper, giving blood/urine/saliva, and releasing their medical records and 2. the company will question the application, what your "insurable interest" is. They DON'T have to give it to you.So, for example, if you decide you want to insure Brad Pitt's life, and you get his permission, and he complies, etc, and the insurance company sees this, and sees that there's no relationship, they're likely to not offer you the policy. Source(s): agent, 21+ years
2.1.2010
With one exception, which will appear at the last of this answer… no, it is not true that you can get life insurance on, just, anybody, such as a person you don't know.In order to obtain life insurance on a person, there must be insurable interest at the time the life insurance policy is issued. This means that the Owner of the life insurance policy must possess a degree of financial dependence on the Insured, at the time the insurance policy is issued.A person may always obtain life insurance on himself (assuming that he is insurable). Here, the Owner and the Insured is the same person.Exception: Since insurable interest must be present, only at the time the life insurance policy is issued, an Insured may transfer ownership of his insurance policy to anyone, and if the new Owner continues to pay the premiums on the policy, that policy will remain in force, until the death of the Insured.Therefore, if your neighbor, for example, obtained life insurance on himself and, subsequently, transferred ownership of the life insurance policy to you, it could, then, be said that you got life insurance on your neighbor… even if you never had, do not now have, and never will have any insurable interest in your neighbor!Philhttp://www.phillipfostercpa.com/money.ht…