Matching Pairs Risk Chp. 12 pt. 2Online version Risk Chp. 12 pt. 2 by Ryan Brown 1 Policy loan provision 2 Class Beneficiary 3 Nonparticipating Policy 4 Collateral Assignment 5 Irrevocable Beneficiary 6 Automatic Premium Loan Provision 7 Specific Beneficiary 8 Participating Policy 9 Change-of-plan provision 10 Absolute Assignment 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. is one that cannot be changed without the beneficiaries consent. all ownership rights in the policy are transferred to a new owner. allows policy-owners to exchange their present policies for different contracts. A specific person is not named but is a member of a group designated as beneficiary, such as "children of the insured" allows the policyholder to borrow the cash value. a policy that pays 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. means that the beneficiary is specifically named and identified. does not pay dividends.
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