Class Beneficiary
Policy loan provision
Irrevocable Beneficiary
Absolute Assignment
Collateral Assignment
Nonparticipating Policy
Specific Beneficiary
Automatic Premium Loan Provision
Participating Policy
Change-of-plan provision
is one that cannot be changed without the beneficiaries consent.
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.
a policy that pays dividends.
does not pay dividends.
means that the beneficiary is specifically named and identified.
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.
allows policy-owners to exchange their present policies for different contracts.
all ownership rights in the policy are transferred to a new owner.
