Basically, the owner can be either the insured, the beneficiary or a joint ownership between the two parties. Your father has full and total control and can cancel or change the policy. In the event that the life insurance policy owner dies, ownership of the policy would become part of the deceased’s will. Ownership can then be passed on according to the terms of the will. If no such terms are in the will, ownership will be set by laws of intestate succession.
If the policy owner, the insured, and the beneficiary under a life insurance policy are three different people, who has the ownership rights?
The policy owner has ownership rights and is responsible for all decisions on the policy.
Who are the legal parties to a life insurance contract?
The legal parties tied to a life insurance contract are the policyholder and the insured. The policyholder pays the premiums, and the insured is re...
Are the policy owner and insured the same person?
The policyholder is usually also the insured, but sometimes, someone may buy a life insurance policy on someone else, such as their spouse or child..