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
Insurance purchased from an insurance company that has been licensed in the state in which the policy is purchased. This insurance is purchased through an agent or broker who are licensed ...
Act of stealing. Coverage can be purchased under most property insurance policies such as the homeowners insurance policy. ...
Insurance transactions conducted across national boundaries. Such transactions occur when the insurance company sells insurance outside the country of the company's domicile. ...
Total limit of coverage under all policies applicable to the covered loss for which an insured can be indemnified. For example, if two health insurance policies are in force on the same ...
Same as term Medical Examination: physical checkup required of applicants for life and/or health insurance to ascertain if they meet a company's underwriting standards or should be ...
Small face amount life insurance policy. ...
Insurance company that specializes in underwriting casualty insurance. ...
Division of a sum of money between a deferred annuity and an immediate life annuity certain. ...
Company that buys life insurance policies from policyowners on the lives of insureds who are terminally ill. This type of company pays cash for the life insurance policies, usually in the ...
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