Matching Pairs Risk Chp. 12 pt. 2Online version Risk Chp. 12 pt. 2 by Ryan Brown 1 Absolute Assignment 2 Policy loan provision 3 Irrevocable Beneficiary 4 Specific Beneficiary 5 Nonparticipating Policy 6 Collateral Assignment 7 Participating Policy 8 Change-of-plan provision 9 Automatic Premium Loan Provision 10 Class Beneficiary all ownership rights in the policy are transferred to a new owner. a policy that pays dividends. allows policy-owners to exchange their present policies for different contracts. does not pay dividends. means that the beneficiary is specifically named and identified. A specific person is not named but is a member of a group designated as beneficiary, such as "children of the insured" an overdue premium is automatically borrowed from the cash value after the grace period expires, provided the policy has a loan value sufficient to pay the premium. is one that cannot be changed without the beneficiaries consent. the policy holder temporarily assigns a life insurance policy to a creditor as collateral for a loan. Only certain rights are transferred to the creditor to protect its interest, and the policy holder retains the remaining rights. allows the policyholder to borrow the cash value.
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