Life insurance benefits are not subject to probate in California or any other state. When a person dies, the court process makes sure the deceased's valid debts are paid and any remaining assets are distributed under the supervision of the court. Not all assets of the deceased are probate assets. Life insurance benefits, for example, generally pass outside the scope of it because they have a named beneficiary. However, under some circumstances, they can be subject to probate. Naming an Individual or Trust as the Beneficiary When a life insurance policy has a named beneficiary and that beneficiary survives the insured, the named beneficiary receives the proceeds directly without the need for...
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California’s Special Insurance Laws and Regulations Life insurance companies are generally large corporations that sell life insurance policies in all fifty states – but these life insurance companies do not always make the effort to learn all of the requirements that each state may have regulating life insurance. Many times, these life insurance companies are owned by large, international corporations. California, being the biggest state, also has many times more laws and regulations which control how a life insurance company can act. Too many times, we have seen a life insurance company not really know that California has thousands of pages of the Insurance Code – laws affecting life...
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A new ruling by the California Supreme Court could help some slow-paying life insurance policyholders keep their policies. Two judges on the seven-judge court say the ruling also could lead to broader changes when new California state laws apply retroactively. The court ruled 7-0 Monday that California’s life insurance policy termination law applies to all policies involved in policy termination processes starting on or after the statute’s Jan. 1, 2013, effective date — whether or not the policies were issued before the effective date. The ruling on the case, Blakely McHugh et v. Protective Life Insurance (Case Number S259215), means that the beneficiaries of the policyholder, William...
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The California Supreme Court in San Francisco. The court ruled Monday that life insurance can’t be cut off without proper notice. In a ruling that could restore life insurance payments to thousands of Californians, the state Supreme Court said Monday that insurers had to provide a grace period and other protections before cutting off coverage to policyholders who missed a payment, starting in 2013. A state law that took effect in January 2013, passed without a single opposing vote and signed by Gov. Jerry Brown, ended life insurers’ previous authority to end coverage, after 30 days’ notice, to policyholders who failed to pay their annual premium. Instead, the new law allowed a cutoff only...
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Life insurance in California Life insurance is essentially a contract between you and the insurance company to pay a sum of money to your beneficiaries in the event of your death. This death benefit can help your loved ones cover your final expenses and can help make up for the lack of your income. California life insurance regulations usually come into play when a claim is filed and have to do with payment terms and other issues surrounding the disbursement of death benefits. Why do I need life insurance? With life insurance coverage, you can feel secure knowing that your beneficiaries will have some help covering your final expenses and other financial needs they’ll face without you....
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Business Rules There must be no serious RIRS action or 1033 actions for the applicant since last renewal. Licensees must hold an active renewable license in California. Licensees can renew their license through Resident License Renewal application up to license expiration date. After expiration date, applicant must reinstate by visiting https://www.sircon.com/. Applicant may reapply one (1) year after expiration date through Resident Licensing application through NIPR. Resident Insurance Producer Life Only-Agent must be actively held in order to renew Resident Insurance Producer Variable Contracts or renew simultaneously. Both Life-Only Agent and Accident and Health Agent lines must be...
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Life insurance lapse generally refers to coverage ending for insufficient or nonpayment of policy premiums. If premiums are not paid during the grace period to sustain the policy, then the life insurance ends. The lapse of a life insurance policy at the wrong time could have disastrous consequences for persons or families because policyholders could easily lose their life insurance if a single premium is accidentally missed, even if they have been paying premiums on time for years. On January 1, 2013, California added new sections 10113.71 and 10113.72 to the Insurance Code, as a way of providing consumer safeguards against life insurance policy lapse. California Insurance Code Sections...
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Having the right life insurance is pivotal in planning for the future of you and your loved ones. Life insurance can help you fulfill promises you’ve made your family when you are gone. Don’t leave the future of you and your loved ones to chance. Escueta Insurance Services can help you find the right California life insurance coverage for you, and help ensure that your policy continually meets your needs. Life Changes. So Should Your Policy For each of our neighbors in California, the right life insurance will be unique and dependent on personal and financial needs. As your life changes, your life insurance coverage may need to change in order to adapt to your current needs. Some life...
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San Francisco, Calif. (June 19, 2020) - At the start of 2020, a new statute went into effect in California requiring insurers, under certain circumstances, to take steps to determine if a claimant is in arrears on a child support obligation. See California Insurance Code section 13550, et seq. The statute only applies if a claimant would otherwise be entitled to receive a payment of $1,000 or more. What Types of Claims Apply The statute applies not only to a claimant under a property and casualty insurance policy or underinsured motorist policy if the insurer is authorized to do business in California, but also to a beneficiary under any life insurance policy, a payment to an annuitant, and...
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Vancouver News | Local Breaking | CTV News Vancouver Are you paying too much for life insurance? VANCOUVER -- Beware of paying too much for life insurance. According to PolicyMe, an online insurance platform, a recent survey found Canadians are overpaying for life insurance by as much as 36 per cent. The start-up looked at how the industry calculates coverage and found the average customer with a policy had $200,000 more in coverage than they actually needed, and weren't looking for deals. It also examined how much those with existing policies pay, and their habits while looking for coverage. "When it comes to life insurance, it's not just a buy or do not buy decision. A lot of consumers...
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