2019-2025 Form

Understanding Form 113627 for Insurance and Annuity Ownership Changes

Form 113627 is specifically designed for changing the ownership of insurance or annuity policies due to the death of the original owner. This form is applicable to policies issued by Riversource. It serves as a formal request to transfer ownership to a designated beneficiary or heir, ensuring that the policy benefits are appropriately redirected following the policyholder's passing. Understanding the purpose of this form is crucial for beneficiaries navigating the complexities of estate management and insurance claims.

Steps to Complete Form 113627

Completing Form 113627 involves several key steps to ensure accuracy and compliance. Begin by gathering all necessary information, including the deceased's policy details and the new owner's information. Fill out the form carefully, ensuring that all sections are completed. It's important to provide accurate identification for both the deceased and the new owner. After completing the form, review it for any errors before submission. This careful approach helps prevent delays in processing the ownership change.

Obtaining Form 113627

Form 113627 can typically be obtained directly from the insurance provider, Riversource. It may also be available on their official website or through customer service channels. If you are unable to find the form online, contacting the customer service department can provide guidance on how to acquire it. Ensure that you have the correct version of the form to avoid complications during the submission process.

Key Elements of Form 113627

Form 113627 includes several essential elements that must be completed for the ownership change to be valid. Key sections typically include the policy number, the deceased owner's name, the new owner's details, and signatures from both parties. Additionally, the form may require the date of death and any relevant documentation that verifies the relationship between the deceased and the new owner. Providing complete and accurate information is vital for the form's acceptance.

Legal Considerations for Form 113627

When using Form 113627, it is important to understand the legal implications of changing ownership of an insurance or annuity policy. The form must comply with state laws regarding beneficiary designations and ownership transfers. In some cases, additional documentation may be required to validate the change, such as a death certificate or proof of relationship. Consulting with a legal professional can help clarify any specific legal requirements that may apply to your situation.

Submission Methods for Form 113627

Form 113627 can typically be submitted through various methods, depending on the policies of Riversource. Common submission methods include mailing the completed form to the designated address, submitting it in person at a local office, or utilizing any available online submission options. It is advisable to confirm the preferred submission method with the insurance provider to ensure timely processing of the ownership change.

Examples of Using Form 113627

Form 113627 is often used in scenarios where the original policyholder has passed away, and a family member or designated beneficiary needs to take ownership of the policy. For instance, if a spouse is the named beneficiary, they would use this form to transfer the ownership of the policy into their name. Another example could involve a child inheriting a policy from a deceased parent. In both cases, completing and submitting Form 113627 is essential for accessing the policy benefits.