Ningbo divorce commercial insurance cash value division.

The policy is often mentioned in the divorce property list, either as a personal property belonging only to the policyholder, or simply ignored. In fact, the life insurance, annuity insurance, dividend insurance, as long as the payment of premiums, may produce cash value or survival, this part of the property rights in the divorce can be divided. The crux of the problem is: which policies can be divided, how can they be divided, and whether the policyholder changes or refunds the policy.

The legal attribute of the cash value of 1. commercial insurance.

Commercial insurance has strong personal attributes, but its cash value, dividends, survival benefits, etc. have clear property value. Article 1062 of the Civil Code stipulates that property acquired during the marriage is the joint property of husband and wife. The cash value formed by the premium paid in the joint property of the husband and wife during the marriage belongs to the joint property of the husband and wife in principle.

The difference between cash value and insurance accident compensation.

The cash value is the amount that the policy can receive at the time of withdrawal or termination of the contract, which belongs to the accumulated property rights and interests, while the insurance accident compensation is the amount paid by the insurance company after the occurrence of the insurance accident, which has a strong nature of personal compensation. The object of the division in divorce is mainly the cash value, not the insurance compensation that may occur in the future.

The source of the premium determines the scope of the division.

If the premium is derived entirely from personal property before marriage, the cash value of the policy is usually still personal property; if the premium is derived from joint property after marriage, the cash value corresponding to the portion of the marital payment is joint property even if the policy is registered in the name of one of the policyholders.

2. the division rules of the marital insurance policy.

Marital life insurance, in the event of divorce, there are usually two ways of division: one is to change the policyholder, by one party to continue to hold the policy and pay the other party discount. Both methods have their own advantages and disadvantages, and the choice depends on the type of policy, the size of the cash value, the willingness to continue to hold, etc.

Compensation at half of cash value

this is the most common split: the policy continues to be held by the policyholder, who pays compensation to the other party at half the current cash value of the policy. This approach is simple and direct, and does not interrupt the effectiveness of the policy, suitable for high cash value, the policyholder is willing to continue to hold.

Divided cash value after surrender

withholding can be realized at one time, but there will be a loss of surrender, especially for policies with a shorter payment period. If neither party is willing to continue to hold the policy, or if the cash value of the policy is low, a surrender split may be more appropriate. The loss of surrender shall be considered together in the division.

3. differences in the treatment of different types of insurance

different types of insurance are treated differently in the divorce split. Life insurance, annuity insurance, dividend insurance, serious illness insurance, accident insurance, etc., due to different protection functions and cash value formation methods, the court's handling attitude is also different.

The treatment of serious illness insurance and accident insurance.

Severe illness insurance and accident insurance mainly provide disease or accident protection, the cash value is usually low, and is closely related to the personal risk of the insured. In practice, such policies are more likely to be held by the policyholder, with the other party receiving a small amount of cash value compensation, or not directly as the subject of division.

Treatment of anniority and dividend insurance

pension insurance, dividend insurance has a high cash value and dividend income, the marital contribution portion is usually clearly identified as common property. At the time of division, you can choose to change the policyholder to continue to hold, or to withdraw the insurance, or to pay the discount by the policyholder.

Policy with children as insured

education benefits and child annuities insured by children for the insured are usually regarded as gifts to children and do not fall within the scope of the division of joint property of husband and wife. However, the court may still intervene if the premium significantly exceeds the reasonable education expenditure, or if the time of insurance is close to divorce and there is a suspicion of transferring property.

The relationship between the beneficiary of the 4. policy and the division.

The beneficiary of the policy is the person who receives the insurance premium at the time of the insurance accident, and its designation and divorce property division are two different levels of problems. In the case of divorce, beneficiary designation may involve a change in identity relationship that needs to be revisited.

Change of original spouse as beneficiary

if the beneficiary of the policy is designated as the original spouse, the parties usually wish to change the beneficiary after the divorce. The insured or the insured may apply for a change of beneficiary in accordance with the provisions of the insurance company, which is a regular change in the insurance contract and does not affect the division of cash value.

Beneficiary designation not equal to division of property

the beneficiary only determines the recipient of future insurance benefits and does not determine the attribution of the cash value of the policy. Even if the beneficiary is designated as a child, the cash value of the policy may still belong to the joint property of the husband and wife and may still be divided in the event of divorce.

The choice of 5. policyholder's change and surrender.

In the divorce agreement or judgment, it should be clear how the policy is handled: whether to change the policyholder's continued holding by one party, or to withdraw the insurance to divide the cash value. Only write who the policy belongs to, do not write the specific treatment method, the follow-up is easy to cause new disputes due to the insurance company procedures or premium payment problems.

The change of policyholder requires the consent of the insurance company.

The change of the policyholder is a change in the subject of the insurance contract and requires the approval of the insurance company. In practice, some insurance companies have requirements for changing the age and health status of the policyholder, especially policies that include death liability. The divorce agreement shall stipulate the time limit for handling the change and the liability for breach of contract.

Loss may result from surrender

withholding usually only gets back the cash value of the policy, and there is often a gap between the premiums paid and the cash value, especially early withdrawal. The loss of surrender shall be borne jointly by both parties or reflected in the discount.

6. case proof

according to similar judgment rules, one party insured the insured with dividend life insurance during marriage, paying a total premium of 200,000 yuan, and the cash value of the policy at the time of divorce was about 120,000 yuan. The court found that the cash value of the policy belonged to the joint property of husband and wife, and ruled that the policy should continue to be held by the insured, and the insured should pay a discount of half of the cash value to the other party. In similar cases, the amount of division or compensation is usually in the range of $100000 to $3 million, depending on the size of the property and the circumstances of the evidence.

According to similar judgment rules, one party took out a large amount of education insurance for his children several months before the divorce, while the other party claimed that there was a suspicion of transferring property. After examination, the court found that the source of the premium was obviously abnormal and the insurance time was highly close to the time of divorce. It ruled that the cash value of the policy should be divided as common property, and the insured should pay the corresponding discount to the other party. In similar cases, the amount of division or compensation is usually in the range of $100000 to $3 million, depending on the size of the property and the circumstances of the evidence.

7. Risk Alert

• ignore the cash value of the policy: just dividing the property deposit and ignoring the policy can result in a loss of hundreds of thousands of dollars for one party.
• Confusing premiums with cash value: the split object is the cash value, not the premium paid, which is usually higher than the cash value.
• Insuring in the name of a child to avoid division: a large policy with a child for the insured may be found by the court to be a transfer of property.
• The loss of surrender is not agreed: the amount realized after the surrender is lower than expected, the two sides on the loss sharing is not agreed clearly prone to disputes.
• The procedures for the change of the policyholder have not been implemented: the agreement only writes that the policy belongs to one party, and the change of the policyholder has not been handled, and subsequent premium payment and claims rights and interests may be disputed.

8. FAQ

do you want to divide the insurance you bought during divorce?

If the premium is paid in the joint property of the husband and wife, the cash value of the policy belongs to the joint property of the husband and wife and may be divided. However, if the premium comes from personal property before marriage, or if the policy is insured by the child and is a reasonable gift, it is usually not divided.

How do I check the cash value of insurance?

You can call the insurance company's customer service number or log in to the policy inquiry account to obtain the policy cash value statement. In the litigation, a court investigation order may also be applied for, and the insurance company shall issue the current cash value and payment details.

The policy goes to one party, how does the other party get the money?

Usually, the party that continues to hold the policy pays a discount to the other party at half of the cash value.

Can serious illness insurance be divided?

The cash value of serious illness insurance is usually low and is closely related to the health risk of the insured. In practice, the policyholder continues to hold it, the other party receives a small amount of compensation, or the court does not make it the focus of the division.

Practical Experience of 9. Lawyers

the policy is often mentioned in the divorce property list, either as a personal property belonging only to the policyholder, or simply ignored. In fact, the cash value formed by the contribution of common property in marriage is, in principle, common property and can be divided. The key is to distinguish two concepts: cash value is the amount that can be recovered when the contract is withdrawn or terminated, belongs to the accumulated property rights and interests, is the main object of division in the event of divorce; insurance accident compensation is the amount paid by the insurance company after the accident, the personal compensation attribute is stronger, not the subject of division.

There are usually two ways of division: one is to change the insured, one party will continue to hold it and compensate the other party according to half of the cash value, and the effect of the policy will not be interrupted, which is suitable for the situation where the current price is higher and the insured is willing to continue to hold it; The second is surrender, the cash value that both parties split back is suitable for situations where both parties do not want to keep or the current price is very low, but the surrender will cause losses and the payment period is especially obvious, this part of the loss should be considered together in the division. Which one to choose depends on the type of policy, the size of the current price and the willingness to continue to hold it. When talking, the pros and cons are laid out. The other party wants to stay, the other party wants to retire, and finally it is stuck in the procedure.

It will be clearer by type: the cash value of serious illness insurance and accident insurance is usually low and closely related to the risk of the insured. In practice, the insured will continue to hold it and the other party will receive a small amount of compensation, even without the subject of division. The current price and dividends of annuity insurance and dividend insurance are higher, and the payment part during marriage is generally treated as common property. Education insurance policies with children as the insured are usually regarded as gifts to children and are not within the scope of division, however, if the premium is significantly high and the time of insurance is close to divorce, it may still be reviewed. Also note that changing the beneficiary does not affect the common attributes of the cash value itself, and don't think that changing the beneficiary will dispose of the property.

Commercial insurance is not a blind area for the division of divorced property, and the cash value, dividends, survival benefits and other property rights and interests formed by marital insurance should be divided according to law as long as the premium comes from the joint property of the husband and wife. When dividing, it is recommended to first retrieve the cash value statement of the policy, distinguish between pre-marital and post-marital contributions, clarify the type of policy, and then choose to change the policyholder to continue to hold or surrender the policy to realize. Involving complex situations such as insurance in the name of children, surprise insurance, large annuity insurance, etc., should be wary of transferring property risks and, if necessary, apply to the court to investigate the source and cash value of policy contributions. No matter which method is chosen, the divorce agreement should specify the time limit for the change of the insured, the liability for breach of contract and the sharing of the loss of the withdrawal.