A policy assignment provision in a life insurance contract is one that permits the owner of the policy to sell, give or to pledge the policy as collateral. It is a common, but not universal, provision in modern policies.
There are five basic participants involved in a life insurance contract.
Contract (policy) Owner Agent Insured Primary Beneficiary Secondary Beneficiary
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The Five Participants:
1. Contract...
Yes. You can own a policy on your grandparents assuming they are insurable. Anyone can own a policy on someone else as long as you can prove insurable interest.
A life insurance policy is a contract issued by a life insurance company providing protection against the death of an individual in the form of a payment to a beneficiary. Premiums are paid by the...
Insurers collect money as Premium from Subscribers.
But only a few are claiming the Insurance. T
he collection amount is so large, but only little amount is paid back for claims.
Hence Insurance...
Typically,the person who purchased it owns it. That person may be different from the person insured or the beneficiary. The owner can usually make decisions concerning the policy. An example with...
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