If two children are named as beneficiaries of an insurance policy what do the children do if the surviving parent claims ownership of the policy?

There are 2 primary aspects to the answer to this question: (1) who is/are the beneficiary(ies), and (2) who owns the policy. Each question is significant 1. When an insurance policy is purchased, the insured generally gets to pick the persons(s) who will be the beneficiary(ies).

The beneficiary is the person or entity who or that gets the policy proceeds when the insured dies, assuming that the policy is then in force The insured, during his/her lifetime usually has the power to change the identity of the beneficiary at any time until death. There is a circumstance called an "irrevocable beneficiary" that may alter this general rule, but it is fairly unusual and will not be discussed here. In a nutshell, it limits the insured's right to change the beneficiary(ies) When the insured dies and the insurer gets notice of death, a death certificate, and a proof of claim, it ordinarily pays the beneficiary(ies) shown on its records as being designated for payment.

Assuming here that the two children are the named beneficiaries, the insured may have designated a 50-50 split, or some other division. The insurer usually complies with that designation without question and checks are issued A third party, such as the surviving parent in this case, could claim entitlement to a share of the policy proceeds. It would be speculation to guess as to the grounds of that claim, but it is possible.

If the survivot notifies the insurer of his/her claim, the insurer would conduct its own investigation to determine if the claim had any merit. Normally, barring very unusual circumstances, the named beneficiaries end of being paid, but sometimes not without a fight 2. When an insurance policy is taken out by an insured, he/she is asked to designate someone as its "owner".

Normally, the person who is insured under the policy is also the policy owner, but that is not always the case. Examples include, if someone else is responsible for paying the premiums, or the policy is taken out to protect a third-party's financial interest, such as the repayment of a loan. In those cases, someone other than the named insured may "own" the policy Part of the significance of being the "owner" of the policy is that the owner has the power to designate or to change beneficiaries.

Irrespective of who owns the policy, if the children are designated as beneficiaries as of the time of the insured's death, they should be entitled to the death proceeds All of that said, undertand that insurance disputes can be extremely complex. Generally, the law of the state in which the policy was issued governs. Therefore, the ultimate result of a dispute over insurance may differ from one state to another.

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