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Can I pay an insurance premium for someone else?
With insurance, if you are the name insured on a policy, you must have an insurable interest in the property. However, if the occasion comes up where you will be paying the premium for someone else, there are ways to pay for the insurance premium on a property you do not own.
An insurance company will take money from just about anyone... Just kidding. If you are asked to pay the premium for a friend there is no problem in doing so. By paying the premium for someone will not expose you to any kind of liability.
There are occasions where you might have an elderly relative who is not able to pay their own premium or no longer has the
mental capacity to handle their own affairs, including insurance bill. In this case, there is likely to be a process where the
insurance company allows the legal guardian to designate a third party to receive copies of billing, or other notices, so
that there is not a lapse of insurance coverage.
Discuss your particular situation with your insurance agent. They will have your answers.
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