Who Owns The Property In A Life Estate? A life estate is property, usually a residence, that an individual owns and may use for the duration of their lifetime. This person, called the life tenant, shares ownership of the property with another person or persons, who will automatically receive the title to the property upon
Which Of The Following Entities Has The Authority To Make Changes To An Insurance Policy? Which of the following entities has the authority to make changes to an insurance policy? Insurer’s executive office *Only an executive officer of the company, not an agent, has authority to make any changes to the policy. The insurer must
Does Spouse Automatically Inherit 401k? A special rule applies to 401(k) plans and other “qualified plans” governed by federal law: Your spouse is entitled to inherit all the money in the account unless he or she signs a written waiver, consenting to your choice of another beneficiary. Does your family get your 401k if you
Who Benefits From Your Life Insurance Policy Upon Your Death? You can choose to name a single beneficiary or a primary beneficiary and one or more contingent beneficiaries. A contingent beneficiary would receive death benefits from your life insurance policy if the primary beneficiary passes away. Minor children can’t be named as beneficiaries of a
Which Of The Following Best Describes A Contingent Beneficiary? Which of the following best describes a contingent beneficiary? a person designated by the insured to receive policy proceeds in the event that the primary beneficiary dies before the insured. K has a life insurance policy where her husband is the beneficiary and her daughter is
Why Is It Called A Living Will? A living will, also called a directive to physicians or advance directive, is a document that lets people state their wishes for end-of-life medical care, in case they become unable to communicate their decisions. It has no power after death. What is the difference between a will and
How Do You Identify Parties In A Contract? Full legal name. Trading name. Current address. Passport number or ID number. What are the four parties in a contract? Four Party Agreement means that certain Agreement, dated as of the date hereof, among Agent, the Senior Lender, Borrower and the Property Owner. Who are the parties
Why Is An Applicant Signature Required On Life Insurance Application? Why is an applicant’s signature required on a life insurance application? T applies for a life insurance policy and is told by the producer that the insurer is bound to the coverage as of the date of the application or medical examination, whichever is later.
Are Retirement Accounts Considered Part Of An Estate? Individual retirement accounts can become part of your estate – but they don’t have to and probably should not. If they do, your beneficiaries lose the ability to stretch out withdrawals and this could cause a significant tax hit. What items are considered part of an estate?
Can A Person With A Life Estate Sell The Property? Unless specially restricted, a life estate can be sold, leased or mortgaged. Because beneficial use of the property accompanies a life estate, the creation, transfer or termination of a life estate is a change of ownership under Proposition 13. Can you sell a house that