The method of changing a policy's beneficiary or owner which requires that the policy itself be returned to the insurer so that the change can be recorded directly onto the policy.
A method of policy ownership in a split-dollar plan, under which the employer is the nominal policy owner, and the employee's rights are spelled out in a special endorsement to the policy. May be contrasted with the "collateral assignment method."
A method of changing the beneficiary of a life insurance policy. The change may be made in one of two ways: (a) The policyowner returns the policy to the insurance company, and the insurer attaches the endorsement with the name of the new beneficiary to the policy, or (b) the policyowner does not send the policy to the insurer but only requests the change by letter or telephone, and the insurer sends an endorsement with the change to the policyowner. Contrast with recording method.
(1) A method by which the owner of a life insurance or an annuity policy may transfer all ownership rights in the policy to another party by notifying the insurer in writing of the change. (2) A change of beneficiary procedure that requires the name of the new beneficiary to be added to the policy itself in order for the beneficiary change to be effective.
(1) A method of transferring ownership of a life insurance policy under which the ownership change becomes effective once the policyowner notifies the insurer, in writing, of the change and the insurer records the change in its records. (2) A rarely used method of changing a life insurance policy beneficiary designation which requires the name of the new beneficiary to be added to the policy in order for the change to be effective. Contrast with recording method.
A life insurance policy ownership arrangement under a split-dollar arrangement in which the employer owns the policy and an endorsement to the policy spells out the employee's rights.
