can an insurence agent that sells a policy be a beneficiary?

Question

no spam or emails

Answer 1

No. He is, as your agent, your fiduciary. That means, in a nutshell, that he cannot indulge in self-dealing. If he does things that benefit himself (and consequently hurt you or your intended beneficiaries), the court will presume that he used trickery and manipulation to induce you into a position of disadvantage. He will then have the burden o proving to the court that no such thing occurred.

Answer 2

If the agent wrote a policy for a family member or a business partner there could be reason to be included as a beneficiary. A buy/sell agreement with a business partner would require it. Underwriting will probably need copies of the legal docs.

Answer 3

May be state specific..but that really sounds like a conflict of interest. At the very least, the company's underwriters would likely take issue with it! Perhaps the agent should refer the policy to a co-worker to be safe.

Answer 4

Only if there is an insurable interest. Meaning if you are husband and wife or maybe you are partners in a business or you own real estate together or any number of things.



http://www.insurance.com/FAQs/lifeFAQDetail.aspx/index/9

Answer 5

It sounds like that should be a, no.