Ownership and Beneficiaries: Rapid Fire
Chapters in this video
What this video covers
- How the policyowner, insured, premium payer, and beneficiary differ, and why paying premiums does not grant ownership rights
- How primary and contingent designations set payment order, while revocable and irrevocable designations affect change rights
- How minor, class, and common-disaster beneficiary provisions can affect payment
- How absolute assignments differ from collateral assignments
- How policy loans and withdrawals affect value and benefits
- How settlement options differ from surrender, including what happens to principal under interest-only payments
- How legitimate third-party ownership and life settlements differ from investor arrangements made at policy issue
Read the full lesson, free
This video's complete written lesson is free to read in the CertFuel app, no signup wall. The complete Life and Health course also includes adaptive practice questions and spaced-repetition flashcards, available in Free Beta.