Ownership Rights Under Ld7e Insurance
Right of the policy owner as listed in a policy. An insured has the right to exercise all privileges and receive all benefits of the policy except when restricted by the right of an irrevocable beneficiary or an assignee of record. A policy owner can transfer ownership of the policy by making an absolute assignment (rights transferred to another individual without any conditions) or a collateral assignment (policy is security for a loan), transfer ownership by endorsement, change the plan of insurance (apply the cash value of present policy to purchase another type of policy with the original policy's date), reinstate the policy, select an optional mode of settlement, make a policy loan, select the dividend option (if it is a participating policy), or select the non forfeiture BENEFIT OPTION.
Popular Insurance Terms
Policy that pays a fixed dollar amount for each day the insured is confined to the hospital. This method of payment is in contrast with most other medical expense insurance that reimburses ...
Insurance company's net gain from operations divided by its adjusted surplus. This is the accounting rate of return on stockholder's equity since the ratio shows the rate of return the ...
clause found in health insurance contracts that requires the insured to pay a specified percentage of the covered health care expenses. ...
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Losses representing claims not paid. ...
Retrospective rating system with basic, minimum, and maximum premium rates listed in manual tables. Calculation of an individual premium involves adjusting the basic premium for appropriate ...
Federal agency that regulates the securities markets. The independent, five-member commission was created under the Securities Exchange Act of 1934 to enforce the securities act of 1933. ...
Mutual insurance association that issues insurance to its members on a nonprofit basis. Examples of such associations include fraternal societies, unions, and employee membership groups. ...
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