Is it legal to take a life iinsurance policy out on another person?

-My mother took a life insurance policy out on me and I didn't authorize it. I found out recently and I took the policy out of her possession and into mine. Im very upset that I would like to know is this legal and how can I stop this from happening ever again. I don't have a good relationship with my mother and don't ever want her receiving any kind of monetary benefit for sure if I were to pass.Usually parents can't take out insurance policies on their children unless the children are minors.



Having the policy in your possession isn't going to change a thing. The insurance company keeps records of who owns a policy and who is the beneficiary. If your mother pays the premiums on that policy and if she has named herself as the beneficiary, then she will collect in the event of your death. The only thing you can do to stop her is report to the insurance company that she insured you fraudulently (if that is indeed the case). If she forged your signature on any documents, you should be able to get the policy declared void.You fail to mention your age at the time the policy was issued. Yes, they can if (a) you are a minor at the time the policy is issued, or (b) you concur with the action. "Taking the policy" (physical possession of the paper policy) changes nothing at all. She still owns the policy and has the authority to continue coverage or not - as well as designating the beneficiary.
Yes, if they have an insurable interest - and clearly your mother does. Although many times, if you were an ADULT, over 18, she'd still need your permission. If you were a minor at the time, then you have NO leg to stand on.



Taking the physical policy out of her possession does nothing, you realize that, right? She doesn't need the policy to file a claim. She's still the policy owner, legally, and gets to pick the beneficiary.



Why don't you get back at her, by taking out a life insurance policy on HER?



Additionally, child life insurance is SUCH a ripoff, that it's not likely she'll have a monetary benefit. All that money she's paying for insurance, she'd do MUCH better by investing it. So by doing nothing, you're costing her MORE money.
it depend upon the country you are cause there some country where by only wife and husband are allowed. the presumption is that the have insurable interest against. and in case of life assurance that is the general rule.
Absolutely it is. And just because you hold the physical policy, it doesn't mean you own it. It's not a bearer instrument.



Kudos on your avatar....quite clever.