Term
| most beneficiary designations are |
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Definition
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Term
| means that the policyowner reserves the right to change the beneficiary designation w/out the beneficiary's concent |
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Definition
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Term
| has only the expectation of benefits, and the policyowner can change the beneficiary whenever desired |
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Term
| one that cannot be changed w/out the beneficiary's consent |
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Term
| means that the beneficiary is specifically named and identified |
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Definition
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Term
| 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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Term
| is appropriate whenever the insured wishes to divide the policy proceeds equally among members of a particular group |
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Definition
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Term
| most insurers restrict the use of class designation b/c of the problem of |
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Definition
| identifying members of the class |
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Term
| is permitted but will not be permitted when the class members cannot be identified, or the relationship to the insured is remote |
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Definition
| designation of children as a class |
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Term
| a provision that allows policyowners to exchange their present policies for different contracts |
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Definition
| change-of-plans provision |
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Term
| the purpose of the change-of-plans provision is to provide flexibility to the |
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Definition
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Term
| the policy owner may pay the different in the policy reserve under the new policy and the policy reserve under the original policy if the change is to a |
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Definition
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Term
| to change to a higher-premium policy, evidence of insurability is not required b/c the pure insurance protection (net amt of risk) is |
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Definition
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Term
| in this case of this change, the insurer refunds the difference in cash values under the two policies to the policy owner |
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Definition
| change to a lower-premium policy |
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Term
| evidence is required in a change to a lower-premium policy b/c the pure insurance protection (net amt of risk) is |
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Definition
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