Sometimes an
individual who has a life insurance policy dies at the same time as a
beneficiary. Obviously, this does not
happen very often, but it does happen on occasion. Most often, when this occurs, it is simply
just impossible to determine who actually died first. In Tennessee, we have a statute that addresses
this exact situation. T.C.A.
§ 31-3-105 provides that when an insured and beneficiary under the policy
die simultaneously, then the proceeds of that policy are distributed as if the
insured under the policy had actually survived the beneficiary. The actual language of the statute is as
follows:
Where
the insured and the beneficiary in a policy of life or accident insurance have
died and there is no sufficient evidence that they have died otherwise than
simultaneously, the proceeds of the policy shall be distributed as if the
insured had survived the beneficiary.
As a result, the life
insurance money does not go to the beneficiary who died at the same time under
these circumstances. Instead, the money
is distributed pursuant to alternative means under the life insurance policy
(such as contingent beneficiaries or even into the estate of the insured). As a result, if you are involved with a
situation where the life insurance policyholder and a beneficiary die at the
same time, you should consult a Tennessee attorney who is experienced in
handling life insurance issues.
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