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