What happens when the insured of a life insurance policy dies?
When the policy owner dies, the life insurance company will pay the death benefit to the named beneficiary. The death benefit will be paid to the deceased's estate if no named beneficiary exists.
When a person dies and is insured who receives the life insurance benefits?
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 life insurance policy.
What will the beneficiary receive if the insured dies during the grace period?
You Can Miss a Payment Without Losing Coverage\n\n Most policies have a 31-day grace period after your premium's due date. You can make a late payment without being charged interest and still be covered. If you die during the grace period, your beneficiary gets the death benefit minus the past due premium.
When a person dies and is insured who receives the life insurance benefits quizlet?
Terms in this set (30) Who are the named individuals or entities the policyowner designates to receive life insurance policy proceeds upon the insured's death? Beneficiaries are the named individuals or entities designated by the policyowner to receive the policy proceeds upon the insured's death.