Matching Pairs Risk Chp. 12 pt. 2Online version Risk Chp. 12 pt. 2 by Ryan Brown 1 Policy loan provision 2 Nonparticipating Policy 3 Automatic Premium Loan Provision 4 Absolute Assignment 5 Participating Policy 6 Specific Beneficiary 7 Change-of-plan provision 8 Collateral Assignment 9 Irrevocable Beneficiary 10 Class Beneficiary 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. does not pay dividends. 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. a policy that pays dividends. allows policy-owners to exchange their present policies for different contracts. all ownership rights in the policy are transferred to a new owner. A specific person is not named but is a member of a group designated as beneficiary, such as "children of the insured" means that the beneficiary is specifically named and identified.
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