Can You Legally Drive A Deceased Person’s Car? You should not drive a deceased person’s vehicle until you get the title transferred and auto insurance in your name. A surviving spouse or executor of deceased driver’s estate will inherit the policy. This transfer requires a death certificate, probate form, or an executor of estate document.
How Long Is Mortgage Insurance Required? Depending on your down payment, and when you first took out the loan, FHA MIP usually lasts 11 years or the life of the loan. MIP will not fall off automatically. To remove it, you’ll have to refinance into a conventional loan once you have enough equity. Do you
Can I Take Out Life Insurance On My Nephew? In order to purchase a life insurance policy on someone else, you have to be able to show what is known as an insurable interest. … If the aunt is especially fond of the nephew, they have an insurable interest. If the aunt has custody of
What Does CLU Mean? Chartered life underwriter (CLU) is a professional designation for individuals who wish to specialize in life insurance and estate planning. Holders of the Certified Financial Planners (CFP) designation will often add CLU to their credentials to demonstrate additional subject-matter expertise. What does CLU and ChFC stand for? In this article we
At What Time The Insurable Interest Must Be Present In Case Of Life Insurance? For life insurance, the insurable interest only needs to exist at the time the policy is purchased. Since a policyowner must have an insurable interest in the insured at the time the policy is purchased, individuals cannot arbitrarily take out a
Are VA Benefits Paid After Death? VA will pay up to $796 toward burial and funeral expenses for deaths on or after October 1, 2019 (if hospitalized by VA at time of death), or $300 toward burial and funeral expenses (if not hospitalized by VA at time of death), and a $796 plot-interment allowance (if
Do I Have To List My Spouse As My Beneficiary? Usually, there is no requirement in the policy itself that only a spouse be named as the beneficiary. The policy owner has the right to choose any beneficiary they wish. Likewise, the policy owner has the right to change their designation. Who is the beneficiary
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
Who Pays More For Life Insurance By Age Male Or Female? Life insurance rates, like all insurance products, are based on potential risk, and men as a statistical group are riskier to insure than women, so they pay higher rates. Does gender affect life insurance? Gender can play a significant role in how much you
What Type Of Life Insurance Policy Is The Waiver Of Cost Of Insurance Rider Used For? On a universal whole life policy, the rider is known as a “waiver of cost of insurance.” The rider covers the cost of the insurance, but not the other portion of the premium that pays for the investment component