<%@LANGUAGE="VBSCRIPT"%>
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%>
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set rsArticles = server.createobject("adodb.recordset")
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sSQL = sSQL & "Articles.Article_Content, Articles.Article_Posted, Articles.Article_Comments, "
sSQL = sSQL & "Articles.Article_Images, Categories.Category_ID, Categories.Category_Title, Users.User_ID, "
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sSQL = sSQL & "INNER JOIN FB_Articles AS Articles ON Categories.Category_ID = Articles.Article_Category_ID) "
sSQL = sSQL & "ON Users.User_ID = Articles.Article_User_ID WHERE Article_Status = 1 AND Article_Level = 0 "
sSQL = sSQL & "ORDER BY Article_Posted DESC;"
rsArticles.open sSQL, adoConn
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%>
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Dealings by beneficiaries
The beneficiaries can not make an insurance claim against the life office as they have no legal interest in the policy. The beneficiary can however deal with his/her beneficial interest in the policy and could assign that interest or obtain a mortgage based on that interest. In either case the beneficiary should advise the life office.
Please remember that if all the beneficiaries are of legal full age and together are of one mind and there are no other beneficiaries to be found then under the precedent set in Saunders v Vautier they can petition the court for the trust to be wound up. This working rule was supported by Re Smith, Public Trustee c Aspinall 1928. The trustees held property for the maintenance of the wife and hand over to the children. All beneficiaries were known and of full legal age. The trustees were ordered by the court to allow a mortgage requested by the beneficiaries because the beneficiaries under Saunders v Vautier had rights to require the trustees to hand over all the trusts.
Claims under a trust policy
When trustees make a claim under a life policy the life office must check that they have good title to the policy. The following documents would support that,
- The life policy,
- The deed of appointment as trustees (unless the policy was set up under the Married Women’s Property Act),
- Appointment of new trustees deeds if applicable,
- Retirement of trustees deeds if applicable,
- The death certificate of any trustee who has died.
Once the life office has checked the trustees’ title and found it good, then they can pay the claim and receive a good receipt for the monies. The discharge will need to be signed by all the trustees. It may be wise to establish that the policy was issued under trust at the outset of the claim as sometimes the claimant may not be aware that the policy was set up under trust.
Payment to either the beneficiaries or the trustees would be acceptable subject to the appropriate authority to do so. Payment to an unconnected third party would need explanation and some investigation.
Reinsurance
The market for reinsurance is similar in life insurance as it is for other classes of business.
The buyers are
- Direct Insurers
- Captive insurers
- Lloyd’s syndicates
- Reinsurers
Intermediaries
- Reinsurance brokers
- Management companies
Sellers
- Reinsurers
- Direct insurers
- Lloyd’s syndicates
- Pools
The contract to purchase reinsurance is between the insurer and the reinsurer and the original insured is not party to the arrangement. The result of this is that if the reinsurer should fail to meet his obligations the insurer still has to meet their obligations under the original contract to the insured. Most original insured’s would not be aware that reinsurance existed.