Relier Pairs Risk Chp. 12 pt. 2Version en ligne Risk Chp. 12 pt. 2 par Ryan Brown 1 Change-of-plan provision 2 Irrevocable Beneficiary 3 Absolute Assignment 4 Policy loan provision 5 Nonparticipating Policy 6 Collateral Assignment 7 Specific Beneficiary 8 Participating Policy 9 Automatic Premium Loan Provision 10 Class Beneficiary an overdue premium is automatically borrowed from the cash value after the grace period expires, provided the policy has a loan value sufficient to pay the premium. allows policy-owners to exchange their present policies for different contracts. is one that cannot be changed without the beneficiaries consent. means that the beneficiary is specifically named and identified. the policy holder temporarily assigns a life insurance policy to a creditor as collateral for a loan. Only certain rights are transferred to the creditor to protect its interest, and the policy holder retains the remaining rights. a policy that pays dividends. does not pay dividends. A specific person is not named but is a member of a group designated as beneficiary, such as "children of the insured" allows the policyholder to borrow the cash value. all ownership rights in the policy are transferred to a new owner.
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