Insurable Interest

Nothing can prepare a family for an unexpected death. The toll it takes has devastating emotional consequences. To make matters worse, there are practical problems that often arise. The deceased may have incurred large medical bills before they died. The death requires a burial which can cost the surviving family members more than expected. Also, if the deceased provided income for the family, the struggle to keep their lives going can be almost impossible. When the death was caused by an act of negligence, there are terms for the surviving family members to bring forward a wrongful death claim.

Mallor, Barnes, Langvardt, Prenkert, & McGrory, (2016 pp. 368-370) writes, “On November 15, 1998, Dr. John G. Griffith purchased a life insurance policy underwritten by United States Life Insurance Company unwritten through AMA Insurance Agency, Inc. (AMAIA). The Policy was for a 10–year term. The life insurance policy belonged to Dr. John G. Griffith was also the party that was insured by the policy. Dr. John G. Griffith’s wife Ms. Elizabeth Wilson was the primary beneficiary. Under the Policy, if Dr. Griffith died “while the policy insurance is in force,” then, upon presentation of proof of his death to U.S. Life, U.S. Life would pay Ms. Elizabeth Wilson the scheduled benefit. The scheduled benefit for death was $400,000.00 with an additional

Death is something that most people do not like to think about, much less talk about. It is easy to see why the important decisions involving one’s own end of life decisions or the decisions of a loved one are conversations easily pushed to the back burner. Before it is too late, people should fill out an advance directive, including a living will and durable power of attorney, to decrease the burden and uncertainty that could be left to loved ones. People should also consider the type of care they would like to receive at the end of their life and what to do with their body once they have died. Having plans surrounding one’s death is beneficial to everyone involved, as it gives a clear plan on how to proceed.

3. The government defines death as the amount of life insurance policy payable to the beneficiary when the annuitant dies.

A solution to why end of life care planning should be cover as an expense will be provided by case law, an ethical theory and moral principles. The stakeholders that are affected by end-of-life planning are patients, family members of patients, physicians, nurses and insurance companies. Ultimately patients are affected the most if end-of-life planning is not covered. End-of-life planning can be expensive in which can affect the decision that the patient makes. If this expense is covered, it may help the patient’s decision a little bit easier.

Life Option Act permits terminally ill adult patients with capacity to make medical decisions to

A Living Will, a legal document in which an individual states the kind of health care they want or don’t want under certain circumstances.

If the deceased was not married or in a registered domestic partnership and also did not have any children, who can file a lawsuit on the deceased behalf is limited. If the deceased had parents or

Yes Linnett, it is sad that a life insurance policy valuing one million dollars, would only pay out the premiums collected to date surrounding the cause of death. Suicide is a hot topic in life insurance. Some policies will pay even if suicide is the cause of death, but the amount to be paid, if death occurs within the first 2 years of the effective date is and will be limited. This is the case of the Officer's family. Many coverages come with certain exclusions with null and void, sometimes found in the "fine print," regarding the benefits to be paid under a policy within its effective date. A sad

Dealing with the unexpected loss of a family member is a difficult event for anyone to take. When that death is caused by a third party, it complicates the situation and amplifies the pain for those left behind due to the knowledge that the loss did not have to happen. In many cases, loved ones of the deceased are able to file a wrongful death lawsuit against whomever was responsible. While this does not by any means fill the emotional hole left behind in the person’s absence, a win in court does help with the monetary strain that occurs in the aftermath.

A living trust works a bit differently than a will, although they are similar in many ways. A living trust doesn’t have to probated, which means the process can be skipped after a person’s death. A person’s assets are transferred into a trust when they set up a living trust. This is administered during the person’s lifetime, and then assets are transferred to beneficiaries after the persons’ death. There are also some tax benefits that go along with choosing a trust over a will during estate

A normal case of life insurance is paid out upon the death of the person insured but in this circumstance the payment is being withheld. The main legal issue in this case is can the life insurance company withhold payment of the insured amount. On that another hand does Craig, the beneficiary of the life insurance, have the right to receive or to be owed the

In some states there are provisions that will not honor living wills pertaining to pregnant women. Case in point, Marlise Mun ̃oz from Texas was found unconscious at home by her husband, at the time Mrs. Mun ̃oz was 14 weeks pregnant. A few days later it was determined that Mrs. Mun ̃oz was brain dead. Although Marlise had advance directives in place, because of laws in the state of Texas, physicians denied the woman in question requests not to receive life-sustaining treatment due to the pregnancy. Therefore, be sure to ask several questions and gain complete clarity on this subject.

Faking a death is the most common type of life insurance fraud and has even been the plot of many movies, books and shows; although it is difficult to pull off. This occurs after a person takes out a life insurance policy on their self and after a few months of it being in effect they disappear and are declared dead. Then the beneficiary, a family member or spouse, then attempts to collect the life insurance policy

Effective November 15, 1998, Dr. Griffith purchased an “American Medical Association–Sponsored Group Level Term Life Insurance Policy,” Certificate Number 9500108167, which was underwritten by U.S. Life. The Policy was for a 10–year term. Dr. Griffith was the owner of the Policy and was the named insured. Ms. Wilson was the primary beneficiary. Under the Policy, if Dr. Griffith died “while this [life] insurance is in force,” then, upon presentation of proof of his death to U.S. Life, U.S. Life would pay the beneficiary the scheduled benefit. The scheduled benefit for death was $400,000, with an additional accidental death benefit of $250,000.