Matching Pairs Risk Chp. 12 pt. 2Online version Risk Chp. 12 pt. 2 by Ryan Brown 1 Specific Beneficiary 2 Participating Policy 3 Policy loan provision 4 Automatic Premium Loan Provision 5 Collateral Assignment 6 Nonparticipating Policy 7 Class Beneficiary 8 Absolute Assignment 9 Change-of-plan provision 10 Irrevocable Beneficiary means that the beneficiary is specifically named and identified. 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" a policy that pays dividends. does not pay 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. allows the policyholder to borrow the cash value. 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.
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