Ownership, Beneficiaries, and Contract Options
Chapters in this video
- 0:00 Policyowner, insured, and beneficiary roles
- 1:27 Primary and contingent beneficiary order
- 2:13 Irrevocable, minor, and class designations
- 3:09 Common-disaster survival provisions
- 3:41 Premium modes, loans, and withdrawals
- 5:14 Absolute and collateral assignments
- 5:46 Settlement options and payout math
- 7:28 Rapid-fire exam recap
What this video covers
- How the policyowner, insured, beneficiary, and premium payer differ, and who controls contract rights
- How primary and contingent beneficiaries determine payment order, and how revocable and irrevocable designations affect consent
- How class designations, minor beneficiaries, and common-disaster provisions can change who receives proceeds
- How to compare annual and monthly premium costs, including the extra cost of more frequent payments
- Why a policy loan creates debt and interest, while a withdrawal removes value without creating loan debt
- How absolute and collateral assignments differ in the rights they transfer
- How lump sum, fixed period, fixed amount, life income, and interest-only settlement options work, including payout calculations
Read the full lesson, free
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