What Is a Creditor Beneficiary?

An insurance beneficiary is a person who accepts the benefits of an insurance contract in life insurance. The beneficiary is designated by the insured and is included in the insurance contract. There are specific situations: (1) When the insured is insured for his own life, the beneficiary may be the insured, that is, the insured; or it may be a third party. (2) When the insured person insures life insurance for others, the beneficiary may be the insured person, the insured person, or a third party. During the insurance period, the insured may change the beneficiary. If the insured does not specify a beneficiary in the insurance contract, the insurance money shall be collected by the legal heir of the insured when the insured dies. ^[1]

Beneficiary of insurance

An insurance beneficiary is a person who accepts the benefits of an insurance contract in life insurance. The beneficiary is designated by the insured and is included in the insurance contract. There are specific situations: (1) When the insured is insured for his own life, the beneficiary may be the insured, that is, the insured; or it may be a third party. (2) When the insured person insures life insurance for others, the beneficiary may be the insured person, the insured person, or a third party. During the insurance period, the insured may change the beneficiary. If the insured does not specify a beneficiary in the insurance contract, the insurance money shall be collected by the legal heir of the insured when the insured dies. ^[1]

Regarding the classification of beneficiaries, China's Insurance Law did not specify. According to different criteria, beneficiaries can be classified in many ways.

The beneficiary must meet the following requirements:

1. The beneficiary is the person who enjoys the right to claim insurance money.

1) When the beneficiary knows that an insured accident has occurred, he shall promptly notify the insurer of his obligations.

2) Obligation to provide relevant certificates and materials for insurance accident claims.

Right to claim insurance money. This right is protected by the Insurance Law. No unit or individual may restrict the right of the insured or beneficiary to obtain insurance money.

It should be noted that some

Case: At the beginning of 2002, Ms. Qian purchased a two-piece life insurance policy with a sum of 100,000 yuan for herself, and designated the beneficiary who died as her husband, Mr. Wang. At the beginning of 2005, Ms. Qian and her husband divorced because of disagreement. Six months later, Ms. Qian died of a car accident. After the funeral was finished, Ms. Qian's parents discovered the insurance policy while sorting the relics, and immediately applied to the insurance company for a claim. After Qian Qian's ex-husband learned of the incident, she also filed an application for insurance benefits. As the beneficiary of the policy is Mr. Wang, the insurance company can only pay 100,000 yuan to Ms. Qian's ex-husband. Ms. Qian's parents said that it was difficult to accept this fact.

Beneficiary of insurance

Analysis: This case was caused by the fact that the beneficiary did not change in time after it was designated.

The beneficiary refers to the person designated by the insured or insured (with the consent of the insured) in the insurance contract to have the right to claim insurance benefits. The beneficiary is also called the insurance recipient. There are no special restrictions on the status of beneficiaries in the insurance law. As long as there is an insurance interest relationship between the insured, beneficiary and insured, such as husband and wife, parents and children, creditors and debtors, etc., they can be beneficiaries.

The Supreme People's Court's Interpretation of Certain Issues Concerning the Application of the Insurance Law of the People's Republic of China (III) was adopted by the 1661st meeting of the Judicial Committee of the Supreme People's Court on September 21, 2015, and came into effect on December 1, 2015.
Article 9 If the insured person designates the beneficiary without the consent of the insured, the people's court shall determine that the specified behavior is invalid. The parties have disputes over the beneficiaries agreed in the insurance contract. Unless the policyholder and the insured have otherwise agreed in the insurance contract, they shall be dealt with separately according to the following circumstances:
(1) Where the beneficiary agrees to be "statutory" or "legal heir", the legal heir prescribed in the succession law shall be the beneficiary;
(2) If the beneficiary agrees only on the identity relationship, and the insured and the insured are the same subject, the beneficiary is determined according to the identity relationship between the insured and the insured at the time of the occurrence of the insured; Identify the beneficiary with the identity relationship between the insured at the time of establishment;
(3) The agreement of the beneficiary includes the name and identity relationship, and if the identity relationship changes at the time of the insured accident, it shall be determined as an undesignated beneficiary.