Life Insurance Policies Overview

Life Insurance Policy Rights

• A policyowner cannot revoke an absolute assignment of the life insurance policy.
• Beneficiaries have specific rights, but certain actions, like revoking an assignment, are restricted.

Beneficiary and Insured Relationship

• If a beneficiary dies in the same accident as the insured, the insurer treats it as if the insured outlived the beneficiary.

Risk Assessment in Insurance

• Applicants with a below-average likelihood of loss are categorized as preferred risks, considered less likely to file claims.

Reinstatement of Lapsed Policies

• A lapsed life insurance policy may be reinstated within three years if the insurer's requirements are met.

Changes in Occupation and Insurance

• If an insured takes on a more hazardous occupation, the change of occupation provision in the disability policy allows the insurer to adjust benefits and rates accordingly.

Activation of Reinstatement Clause

• To activate the reinstatement clause for a lapsed life insurance policy, insured individuals must provide evidence of insurability to the insurer.

Annuity Growth Phases

• Annuities in tax-deferred growth, like Kathy's, are in the accumulation period until retirement.

Ownership Evidence in Insurance

• Ownership in a participating health insurance contract is evidenced by policy ownership, which grants rights and responsibilities.

Types of Insurance Groups

• An association or labor group is defined as a type of group formed for purposes other than obtaining insurance, having official structures like constitutions and bylaws.

Juvenile Insurance and Payor Benefit Rider

• Juvenile insurance is typically associated with a payor benefit rider, providing coverage to children under specific circumstances.