Term
| can be paid annually, semiannually, quarterly, or monthly |
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Definition
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Term
| if the premium is paid other than annually, the policy owner must pay a |
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Definition
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Term
| can be relatively expensive when the true rate of interest is calculated |
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Definition
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Term
| is freely assignable to another party |
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Definition
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Term
| all ownership rights in the policy are transferred to a new owner |
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Definition
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Term
| the policy owner temporarily assigns a life insurance policy to a creditor as collateral for a loan |
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Definition
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Term
| only certain rights are transferred to the creditor to protect its interest, and the policy owner retains the remaining rights |
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Definition
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Term
| w/ collateral assignment, the party to whom the policy is assigned can receive the proceeds only to the extent of |
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Definition
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Term
| w/ collateral assignment, the balance of the proceeds is paid to the |
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Definition
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Term
| in previous years, insurers typically used what assignment form for a collateral assignment? |
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Definition
| American Bankers Association |
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Term
| purpose is to protect the insurer from paying the policy proceeds twice if an unrecorded assignment is presented to the insurer after the death claim is paid to the beneficiary |
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Definition
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Term
| if the insurer is not notified of the assignment, who are the proceeds paid to? |
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Definition
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Term
| if the insurer is not notified of the assignment, when is the death claim paid? |
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Definition
| when the policy matures as a death claim or endowment |
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Term
| under general rules of law, if the insurer is not notified of the assignment, the insurer is relieved of any further |
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Definition
| obligation under the policy even though a valid assignment is in existence |
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Term
| if the insurer is notified of the assignment, a new contract exists btwn the insurer and the |
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Definition
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Term
| one who receives the assignment, such as a bank |
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Definition
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Term
| the insurer recognizes the assignee's rights as being superior to who's rights? |
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Definition
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