What is the name of your state (only U.S. law)? SC.
If you examine the AIG Life Insurance, Change Of Beneficiary Form:
http://www.integratedwealthcare.com/docs/resources/American General Change of Beneficiary form.pdf
Then it seems that if a person John Doe is named as the new primary 100% beneficiary, that same person cannot sign the box at the bottom as a witness.
Furthermore, if another person is named as a contingent beneficiary, then their SSN must be provided on the form.
My questions are:
If a change of beneficiary form was submitted that listed a wife as the new 100% primary beneficiary (it was originally two children) and the children listed as contingent beneficiaries 50% each, BUT
a) The wife signed as witness
b) The form failed to include SSN of the children.
c) The owner is now deceased and the insurance paid out.
d) The change form was submitted a few months before the owner died, the owner knew at that time that they were terminally ill.
Do the original beneficiaries have a legal right to the insurance?
Has the new primary beneficiary commited fraud?
Can the original primary beneficiaries force AIG to provide copies of the change form?
What action specifically can the original beneficiaries take to correct the error?
Have AIG actually done somet6hing wrong, or do they have a right to accept the form that has been completed in this way?
My research indicates that the form should never have been accepted, and that AIG must revert to the original status for the policy and privately pursue the money that they have incorrectly paid to the wife.
Any info on how to progress this will be much appreciated.
If you examine the AIG Life Insurance, Change Of Beneficiary Form:
http://www.integratedwealthcare.com/docs/resources/American General Change of Beneficiary form.pdf
Then it seems that if a person John Doe is named as the new primary 100% beneficiary, that same person cannot sign the box at the bottom as a witness.
Furthermore, if another person is named as a contingent beneficiary, then their SSN must be provided on the form.
My questions are:
If a change of beneficiary form was submitted that listed a wife as the new 100% primary beneficiary (it was originally two children) and the children listed as contingent beneficiaries 50% each, BUT
a) The wife signed as witness
b) The form failed to include SSN of the children.
c) The owner is now deceased and the insurance paid out.
d) The change form was submitted a few months before the owner died, the owner knew at that time that they were terminally ill.
Do the original beneficiaries have a legal right to the insurance?
Has the new primary beneficiary commited fraud?
Can the original primary beneficiaries force AIG to provide copies of the change form?
What action specifically can the original beneficiaries take to correct the error?
Have AIG actually done somet6hing wrong, or do they have a right to accept the form that has been completed in this way?
My research indicates that the form should never have been accepted, and that AIG must revert to the original status for the policy and privately pursue the money that they have incorrectly paid to the wife.
Any info on how to progress this will be much appreciated.