Question
In: Finance
The one named in the policy to receive the insurance proceeds in case of the death...
The one named in the policy to receive the insurance proceeds in case of the death of the one taking out the policy is the:
Insured
Insurer
Beneficiary
Both insured and beneficiary
None of these
Solutions
Expert Solution
Answer:
Beneficiary.
Beneficiary is the person named in the policy entitled to receive the proceeds from the policy in case of death of policy owners / insured. In case, the insurer didn’t name any beneficiary or beneficiary died before the death of insurer, the proceeds from policy will pass under the will.
Whereas, Insurer is the person/firm providing the insurance facility to policy owners and Insured is the person taking out the policy.
jeff jeffy answered 2 years agoRelated Solutions
The options for the disbursement of life insurance death proceeds include all of the following EXCEPT:...
The options for the disbursement of life insurance death
proceeds include all of the following EXCEPT:
Leave with insurer to pay interest
Paid in one cash payment
Use to purchase paid-up insurance for the beneficiary
Paid as a life income to the beneficiary, with a certain number
of payments guaranteed
Ricky obtains an insurance policy from Security Insurance, Inc. The policy provides that on Ricky’s death...
Ricky obtains an insurance policy from Security Insurance, Inc.
The policy provides that on Ricky’s death Security will pay
$500,000 to Tori, Ricky’s spouse and beneficiary. This is
a.
?disability insurance.
b.
?life insurance.
c.
?health insurance.
d.
?key-person insurance.
Regarding Allison's life insurance policy, life insurance proceeds are exculded from tax.
Regarding Allison's life insurance policy, life insurance
proceeds are exculded from tax. Therefore,?the $1,200,000 face value of the policy is excluded as it is
received. However, the earnings on the?policy during the time it is held by the insurace company are not
exculdable. The total interest earned?is [ A ]. As each payment on the policy is recieved,
you will exclude[ B ] and include[ C ].
Claire, a widow, received the proceeds of a $150,000 life insurance policy on the life of...
Claire, a widow, received the proceeds of a $150,000 life
insurance policy on the life of her deceased husband. The policy
was purchased by the husband’s employer under a group policy and
the employer had paid premiums of $60,000 on the policy. Claire’s
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insurance premiums during the years he worked for the
employer.Calculate the amount, if any, that Claire must include in
income upon receipt of the $150,000...
A special insurance policy pays $1000 at the end of the year of death for the...
A special insurance policy pays $1000 at the end of the year of
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(Answer is 44.71 but idk how to get there)
A life insurance trust is often named the beneficiary of a life insurance policy it holds...
A life insurance trust is often named the beneficiary of a life
insurance policy it holds for which of the following reasons?
a. It can provide greater flexibility than is available under
insurance settlement options
b. It can eliminate a second estate tax upon the death of the
beneficiaries.
c. It can incorporate special limitations and restrictions on
the funds designed to be paid to specific beneficiaries.
d. All of the above
Which of the following are included in the gross estate? A. Proceeds from life insurance policy...
Which of the following are included in the gross estate?
A. Proceeds from life insurance policy owned by the decedent
insured that was assigned to a ILIT 2 years before death of the
insured
B. A secular trust where the only income beneficiary was the
decedent's spouse
C. Property where the decedent had a reversionary interest of
less than 1% of the value
D. Gift taxes paid two years prior to the decedent's date of
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Life insurance proceeds will be included in the estate if such proceeds are payable to the...
Life insurance proceeds will be included in the estate if such
proceeds are payable to the estate or are available to pay taxes,
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the estate and yet avoid inclusion in the taxable estate?
Life insurance proceeds will be included in the estate if such proceeds are payable to the...
Life insurance proceeds will be included in the estate if such
proceeds are payable to the estate or are available to pay taxes,
debts or other expenses or charges of the insured's estate. Given
this fact, how can life insurance trust help provide liquidity to
the estate and yet avoid inclusion in the taxable estate?
An insurance company states in its automobile insurance policy that in case of an accident, it...
An insurance company states in its automobile insurance policy
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accident and y is the age of the person driving. The policyholder
must sign a document indicating agreement with this procedure for
determining reimbursement amounts. Joe, a 70 year old policyholder,
was driving...
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