Transfer Of Insureds


Definition of "Transfer of insureds"

Laura  Fernandez real estate agent
Laura Fernandez, Real Estate Agent Prime Realty Group

Provision in corporate life insurance policies that allows coverage to be transferred to a new individual with proof of insurability, for a premium appropriate to the age of the new individual. These policies are designed to cover key executives of a corporation and to provide continuous insurance in force without the necessity of obtaining a new policy. For example, if a corporation buys insurance to cover the chief executive officer who later retires, the policy could be transferred to the new CEO.

 

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