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