The beneficiaries of life insurance, Can choose?
Around the entire life insurance policy and, in general, of any insurance are a series of figures which are usually outside the ordinary citizen prior knowledge of the undersigned.
Insured, insurer, policyholder, beneficiary and similar terms defy complete understanding of the average citizen, and since we cannot hire something we finished not fully understand, it is appropriate that we clarify some terms.
Those involved in insurance
The contract of a policy appears:
- The insurer: Is the company that assumes the risk coverage of the insured.
- The policyholder: Who Is effects insurance for self-employed persons and signs the policy.
- The mediator is a consultant advising client on the types of insurance and coverage that suits you best depending on your personal situation.
- The insured: The person which bears the risk coverage.
- The beneficiary: The person who bears the benefits of the policy agreed by the express will of the policyholder.
This last figure we'll talk a little more closely.
The beneficiary of a life insurance
As already indicated, the beneficiary is the perceiver compensation in cases prescribed by the policy.
The beneficiary is often confused with the figures of the policyholder and the insured because, in certain cases, agrees. But this only happens when who hires exceeds the insured risk and receives compensation turns out to be the same person.
Prior to payment of compensation agreed with the insurer to which law has, the beneficiary must identify themselves to the insurer adequate and sufficient manner.
You can choose the beneficiary?
The beneficiary of the life insurance policy is usually close to the insured or close family death. But although most of the time this happens, we must be clear that the insured can choose anyone as beneficiary.
If you have designated a single beneficiary and he dies before or while the insured without other beneficiary has designated the compensation agreed in the policy to the heirs will pay for probate and, if no will, the legitimate successors.
At all times, the policyholder may change the designation of the person who has the status of beneficiary in favor of another (revocation of beneficiaries).
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