Products tagged with 'assignment of insurance policy'
Assignment of Life Insurance Policy as Collateral
Transfer a life insurance policy to a lender as collateral for a loan with this Assignment of Life Insurance Policy form.
Life insurance can be used as a financial asset during your lifetime. If the policy allows for it, the insurance can be used as collateral for a loan, which gives the lender a claim against the policy's cash value if the borrower defaults in repayment.
Assignee's (Lender's) Rights
The assignee (lender) has the sole right to collect any proceeds payable under the policy. The assignee is also at liberty to surrender the policy and receive any distributions, dividends or surplus.
Assignor's (Borrower's) Rights
The assignor (borrower) retains the right to collect disability benefits, designate or change beneficiaries, and elect for optional settlement.
Format and Legal Applicability
The Assignment of Life Insurance Policy form is a generic legal template in MS Word format. It makes no specific references to the laws of any country and can be used almost anywhere.
