Transfer Of Insureds
Definition of "Transfer of insureds"
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.
Popular Insurance Terms
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Estate under the legal and administrative guidance of both the surety and the fiduciary. Any actions on the part of the estate requires the signatures of both in order to reduce the chances ...
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