which life insurance policy provision prohibits a beneficiary from commuting, encumbering, withdrawing, and portion of the proceeds priorr to actual receipt from the company

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04-11-2022
Business

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which life insurance policy provision prohibits a beneficiary from commuting, encumbering, withdrawing, and portion of the proceeds priorr to actual receipt from the company

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rafikiedu02 rafikiedu02 · Answer 1 · 2022-11-08T22:10:04-05:00

The spendthrift clause life insurance policy provision prohibits a beneficiary from commuting, encumbering, withdrawing, and portion of the proceeds priorr to actual receipt from the company.

Trusts with fancy covenants are designed to protect beneficiaries both from themselves and from creditors. They cannot transfer the assets held by the trust to their own property and can only manage the distributed assets.

If you name a gambler's son as your beneficiary, his son's creditors may swoop in your life insurance proceeds after your death. A waste clause gives the insurer the right to withhold earnings and protect funds from creditors.

Luxurious trusts limit the beneficiaries' access to the trust capital. Essentially, the beneficiary cannot access the escrow principle or make promises to others. Since beneficiaries do not have access to escrow funds, neither do creditors.

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