Relier Pairs Risk Chp. 12 pt. 2Version en ligne Risk Chp. 12 pt. 2 par Ryan Brown 1 Class Beneficiary 2 Collateral Assignment 3 Irrevocable Beneficiary 4 Participating Policy 5 Nonparticipating Policy 6 Policy loan provision 7 Specific Beneficiary 8 Absolute Assignment 9 Automatic Premium Loan Provision 10 Change-of-plan provision a policy that pays dividends. allows policy-owners to exchange their present policies for different contracts. A specific person is not named but is a member of a group designated as beneficiary, such as "children of the insured" all ownership rights in the policy are transferred to a new owner. means that the beneficiary is specifically named and identified. 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 the policyholder to borrow the cash value. is one that cannot be changed without the beneficiaries consent. does not pay dividends. 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.
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