Relacionar Columnas Risk Chp. 12 pt. 2Versión en línea Risk Chp. 12 pt. 2 por Ryan Brown 1 Change-of-plan provision 2 Specific Beneficiary 3 Participating Policy 4 Policy loan provision 5 Automatic Premium Loan Provision 6 Collateral Assignment 7 Irrevocable Beneficiary 8 Class Beneficiary 9 Absolute Assignment 10 Nonparticipating Policy 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. 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. means that the beneficiary is specifically named and identified. 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" is one that cannot be changed without the beneficiaries consent. all ownership rights in the policy are transferred to a new owner. allows the policyholder to borrow the cash value.
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