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