Assign all or part of a life insurance policy as security for a loan. If the insured dies the creditor would receive only the amount due on the loan.

A transfer of some ownership rights in a contract from one party to another, generally for a temporary period. Insurance policies are often assigned as collateral for a loan, in which case all transferred rights revert to the assignor when the loan is repaid. See also assignment.----------[ Back

A transfer of certain ownership rights of an insurance or annuity certificate to the applicantâ€(tm)s creditor as security for payment of a debt. A collateral assignment gives the assignee a right to such amount payable under the certificate (either as cash value, death or endowment proceeds) as is necessary to repay indebtedness.

an agreement between the policyowner and another party (typically a bank/financial institution) where the policy is used to secure a debt

When a life insurance contract is transferred to an individual or other party as security for a debt. This usually temporary assignment does not transfer all policy rights.

Assignment of all or part of a life insurance policy as security for a loan. If the insured dies the creditor is only entitled to the balance of the loan.

This is an assignment of a policy to a creditor as security for a debt. The creditor does not completely own the policy, it is merely assigned as collateral. The creditor is entitled to be reimbursed out of policy proceeds for the amount owing to him in the event of a death claim or surrender. If it is a death claim, the beneficiary will receive any excess of policy proceeds over the amount due the creditor in the event of the insured's death.

An assignment of property for security purposes rather than absolute assignment.

Securing a loan by using the insurance policy or its value.

The legal transfer of one person's interest in a policy to a creditor as security for a debt. Under a collateral assignment, the creditor is entitled to be reimbursed out of policy proceeds for the amount owed. The beneficiary is entitled to any excess of policy proceeds over the amount due the creditor in the event of the insured's death.

Using the insurance policy or its value to secure a loan.

The temporary transfer of some benefits of a life insurance policy from one person to another, usually used as collateral for a loan. In the event of default, the creditor would receive proceeds only to the extent of his interest.

Assignment of a Life Insurance policy or its value as security for a loan. In the event of default, the creditor would receive proceeds or values only to the extent of his interest. Collection Book. The debit agent's record book showing the amount collected on each policy, the week of the collection, and the policy period for which the premium has been paid.

The Assignment of a debt and the security therefore, such as a Note and Deed of Trust to secure the performance of an obligation by the Assignor. The Assignee holds Title for security purposes.

A temporary transfer of some, but not all, policy rights to a lender to provide security for a loan.

The pledge of a life insurance policy as security for the repayment of a loan, which provides the collateral assignee with rights that in many ways are superior to the rights of the policy owner and beneficiary. In the event of the death of the insured, proceeds are first paid to the collateral assignee, with the remainder, if any, then going to the policy's beneficiary.

Similar to an assignment, certain rights in a life insurance policy can be assigned to a third party, typically as security for a loan or other transaction. Collateral assignments are generally not made for a specified amount, rather are defined "to the extent that his interest may appear." The assignment is registered with the insurer, and typically the assignee must prove to the insurer the amounts that are owed to it if and when the assignment collection criteria are met. To Top

Designating a creditor as the beneficiary of a life insurance policy as security for a loan.

The pledge of a life insurance policy or its value as security for the repayment of a loan, which provides the assignee with rights that are superior to the rights of the original policyowner and beneficiary, to the extent of the obligation owed to the assignee.

A temporary transfer of some of the ownership rights in a particular property, such as a life insurance policy or an annuity contract, as collateral for a loan. The transfer is made on the condition that upon payment of the debt for which the contract is collateral, all transferred rights shall revert back to the original owner. Contrast with absolute assignment.

The ownership rights in a contract or account are transferred from one person to another to serve as collateral for a debt. This transfer is usually made with the provision that the ownership rights revert to the original owner when the debt is repaid. A collateral assignment of a nonqualified annuity is considered to be taxable to the owner of the contract.

Assignment of an asset (e.g., a life insurance policy's death benefit or its cash surrender value) to a creditor as collateral for a loan.

The transfer of interest in personal property for security reasons.