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
Type of guaranteed investment contract (GIC) under which a single payment is made into an account of an insurance company where it will remain for a stipulated number of years. Both the ...
Range of administrative and risk management services that can be purchased by an insured. Increasingly, insurance can be purchased unbundled so that policy-holders may pay for straight ...
Clause in a reinsurance policy that excludes the reinsurer's liability for losses occurring after a stipulated date. ...
Individual who retains title to property that is being transferred on a temporary basis to the care, custody, and/or control of another. ...
Combination property, liability, and business interruption policy. It is usually written to cover expenses of small and medium size businesses resulting from damage or destruction of ...
Addition to a basic insurance policy to further explain coverages, add or exclude perils and locations covered, and add or delete positions covered. For example, an endorsement to the ...
Dwelling insurance is how it’s called the most obvious coverage type under the homeowner’s insurance umbrella. It deals with the damages done to the physical structure of the ...
Determination that investments by parents in their children's education through the purchase of Series EE Savings Bonds, which generate interest income, are tax-exempt if the proceeds are ...
Type of insurance that provides a single aggregate limit of coverage within the insurance policy terms, thereby limiting the insurance company's liability for a risk transferred to it. The ...
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