Final answer:
To receive insurance proceeds from a life insurance, the beneficiary or estate executor must submit the life insurance policy along with the policyholder's death certificate to the life insurance company for verification and processing.
Step-by-step explanation:
To obtain the insurance proceeds from a life insurance policy, the designated beneficiary or, in their absence, the executor of the deceased’s estate will need to send both the policy and a certified copy of the death certificate to the life insurance company. This is because the life insurance company requires proof of the policyholder’s death to process the claim and release the benefits to the rightful recipient. Once the company has verified the documents, the proceeds from the policy can be distributed, enabling the beneficiary to make use of the death benefit to cover expenses and manage financial obligations. Additionally, for cash-value life insurance policies, beneficiaries may need to decide if they want to withdraw the accumulated cash value or possibly take advantage of a policy loan, which would need to be repaid with interest.