Florida Health Insurance Terms:
"Change of Beneficiary Forms"
A form provided by the insurer that the policy owner must complete in order to change the beneficiary on a policy.
more: The beneficiary of a policy or annuity is the person who receives the proceeds of an insurance policy or annuity contract upon the death of the insured or annuitant. The beneficiary is named by the policyowner. The policyowner is the only person who can change the beneficiary.
Naming More Than One Beneficiary
You may name multiple beneficiaries. All death benefits will be paid in equal proportion to all beneficiaries who survive and receive payment, unless you specify otherwise.
To distribute the death benefit unequally, indicate what fraction or percentage you would like each beneficiary to receive. Avoid using dollar amounts. When the claim is made, the amount of the death benefit may not be the same as it is today.
If you prefer to designate dollar amounts, please contact your Financial Representative for the specific language you will need to complete the Change of Beneficiary form.
Changing a Beneficiary's Name or Address
You do not need to fill out a form if you are only changing the current beneficiary's name and/or address (i.e. marriage, adoption, or other legal name change). Simply call your agent for more info.
When the policyowner is a business or trust, the form must include the name of the business or trust, and the title of the person signing. That person should not be the person insured or the person who will benefit from the change.
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