Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 09-19-2009, 05:50 PM   #41
Confused about dryer sheets
 
Join Date: Sep 2009
Location: Manchester
Posts: 1
Quote:
Originally Posted by brewer12345 View Post

- Investor hands money to an older person to go get a big LI policy. After 2 years, the elder signs over the policy to the investor for a cash payment and the investor waits to collect.
"After 2 yrs, ... signs (it) over"??
Sounds sort of like the straw man schemes that burned so many mortgage lenders. Of course it burned the schemers when they were caught, and are now serving time for fraud.
There are three parties to a LI contract- the owner, the insured, and the beneficiary. The owner decides the bene and can change it as often as he pleases. What investor, as beneficiary, would risk not being the owner?
It's all moot anyway if there's no insurable interest.
__________________

__________________
usat522 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 09-19-2009, 07:18 PM   #42
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
brewer12345's Avatar
 
Join Date: Mar 2003
Posts: 16,391
Quote:
Originally Posted by usat522 View Post
"After 2 yrs, ... signs (it) over"??
Sounds sort of like the straw man schemes that burned so many mortgage lenders. Of course it burned the schemers when they were caught, and are now serving time for fraud.
There are three parties to a LI contract- the owner, the insured, and the beneficiary. The owner decides the bene and can change it as often as he pleases. What investor, as beneficiary, would risk not being the owner?
It's all moot anyway if there's no insurable interest.
May not be an insurable interest as you and I see it, but this stuff happens all the time.
__________________

__________________
"There are three kinds of men. The one that learns by reading. The few who learn by observation. The rest have to pee on the electric fence for themselves."



- Will Rogers
brewer12345 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Term Life Insurance for Parents LeBlanc Young Dreamers 35 01-06-2011 11:54 AM
Universal Life for Long Term Care Insurance? DJRR FIRE and Money 2 02-28-2008 12:22 PM
Long term life care insurance light FIRE and Money 2 03-28-2007 06:02 PM
Term Life Insurance - Best Rates with Decent Company? Jane_Doe FIRE and Money 15 02-06-2007 10:40 AM
buying life insurance Bimmerbill Other topics 34 04-24-2006 01:03 PM

 

 
All times are GMT -6. The time now is 04:00 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.