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 of variable universal life insurance (VUL) under which, if the accumulation of the premiums paid at any point in time (minus policy loans, and withdrawals) equals or exceeds the ...
Mortality table, morbidity table that does not include current statistical experience. ...
Same as term Friendly Fire: kindling intentionally set in a fireplace, stove, furnace, or other containment that has not spread beyond it. Property insurance does not protect against damage ...
Institutional investment sold by life insurance companies that guarantees principal and offers withdrawal flexibility. This conservative investment, which can be used with a corporate ...
Measure of the rate at which policies are cancelled or allowed to lapse. The termination rate is a factor in setting premiums for group life and health policies. ...
Replacement for the earlier Family Automobile Policy (FAP) with these nine basic coverages: Coverage A Liability, The company pays damages for which an insured becomes legally obligated ...
Insurance that covers an indirect loss stemming from a direct loss by a covered peril to income-producing property. A building destroyed by fire represents a direct loss. Lost income ...
Nominal interest rate minus the rate of inflation. ...
Terms specifying obligations of an insured to keep a policy in force. For example, an insured must pay the premiums due; in life insurance, if death occurs, the beneficiary or the insured's ...
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