http://blog.accuquote.com/2006/06/12/life-insurance-and-insurable-interest/ AccuQuote blog is brought to you by AccuQuote.com, a leading provider in term life insurance for people across the U.S. This blog is dedicated to providing you with valuable information from experts on the topics of insurance, financial planning and personal finance. Fri, 12 Mar 2010 18:34:29 +0000 http://wordpress.org/?v=2.9.2 hourly 1 http://blog.accuquote.com/2006/06/12/life-insurance-and-insurable-interest/comment-page-1/#comment-3679854 Byron Udell Thu, 17 Aug 2006 08:24:34 +0000 http://blog.accuquote.com/?p=837782#comment-3679854 Perry - Unfortunately, despite the fact that it makes you uncomfortable, it is possible that your former firm may still own life insurance on your life. As such, they could, in fact, collect a death benefit upon your demise even though they no longer have any insurable interest in your life. The requirement of an insurable interest only applies at the time the policy is originally issued. After that, no jurisdiction or life insurance company that I am aware of requires an insurable interest at the time of death. Perry – Unfortunately, despite the fact that it makes you uncomfortable, it is possible that your former firm may still own life insurance on your life. As such, they could, in fact, collect a death benefit upon your demise even though they no longer have any insurable interest in your life. The requirement of an insurable interest only applies at the time the policy is originally issued. After that, no jurisdiction or life insurance company that I am aware of requires an insurable interest at the time of death.

]]> http://blog.accuquote.com/2006/06/12/life-insurance-and-insurable-interest/comment-page-1/#comment-3679853 Perry Shertz Wed, 16 Aug 2006 13:26:52 +0000 http://blog.accuquote.com/?p=837782#comment-3679853 When I was working (practicing law)our firm took out life insurnce policies on all the partners, proceeds payable to the firm. I have been completely unaffiliated with the firm for at least a dozen years. Assuming that the firm has maintained the policy, will it be able to collect on the policy despite that it has had no insurable interest for the last 12 years. The firm is in Penna. and the policy was written there. I have not lived in Penna. for 17years. In other words, the firm will not suffer any loss upon my death. Thanx much. When I was working (practicing law)our firm took out life insurnce policies on all the partners, proceeds payable to the firm. I have been completely unaffiliated with the firm for at least a dozen years. Assuming that the firm has maintained the policy, will it be able to collect on the policy despite that it has had no insurable interest for the last 12 years. The firm is in Penna. and the policy was written there. I have not lived in Penna. for 17years. In other words, the firm will not suffer any loss upon my death. Thanx much.

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