保险学原理chapter10

Transfer of ownership by assignment
Some restrictions: 1. The policyowner must have contractual capacity. 2.may not infringe on the vested rights, if any, of a beneficiary. 3. An assignment is made for illegal purpose is invalid.
Transfer of policy ownership
Transfer of ownership by assignment transfer of ownership by endorsement
Transfer of ownership by assignment
An assignment is a agreement under which one party transfers some or all of ownership rights in a particular property to another party. Assignor the property owner who make an assignment. Assignee the party to whom the property rights are transferred
Settlement Option
The policyowner who selects a settlement option for the beneficiary may choose to make the settlement mode irrevocable or revocable. Payee the person or party who is receive the policy proceeds in accordance with the terms of a settlement contingent payee who will receive any proceeds still payable at the time of the payee’s death.
Payment by mail automatic payment techniques electronic funds transfer method payroll deduction method
Policy Dividend Options
Cash dividend option the insurance company sends the owner of the policy a check in the amount of the policy dividend that was declared. Premium rΒιβλιοθήκη Baiduduction option the insurer applies policy dividend s towards the payment of renewal premiums.
Policy Dividend Options
Accumulation at interest option the policy dividends are left on deposit with the insurer to accumulation at interest. Paid-up additional insurance option the insurer uses any declared policy dividend as a net single premium to purchase paid-up additional insurance on the insured’s life.the paid-up additional insurance is issued on the same plan as the basic policy and in whatever face amount the dividend can provide at the insured’s attained age.
Transfer of ownership by assignment
Assignment provision
while the insured is living, you can assign this policy or any interest in it. As owner, you still have the rights of ownership that have not been assigned. We must have a copy of any assignment . We will not be responsible for the validity of an assignment. . An assignment will be subject to any payment we make or other action we take before we record it.
Policy Dividend Options
Additional term insurance option the insurer uses each policy dividend as a net single premium to purchase one-year term insurance on the insured’s life.
Life income option
Is a settlement option under which the insurance company agrees to pay the policy proceeds in periodic installment over the payee’s lifetime. Under life income option, the insurance company agrees to use the policy proceeds as a net single premium to purchase a life annuity for the beneficiary.
Mode of premium payment (1997,United States)
50 45 40 35 30 25 20 15 10 5 0
Bank Plans Salary Deduction Regular monthly Annual Quarterly Semiannual
Method of premium payment
60 cash 50 40 30 20 10 0 accumulation at in
applied toward premium appl purch additional insurance
Settlement Option
Insurance companies make available to the policyowner and the beneficiary several alternative methods of receiving the proceeds of a life insurance policy. Settlement option provision settlement agreement is a contractual agreement that governs the rights and obligations of the parties after the insured’s death.
Fixed period (number of year)
Minimum monthly payment Per $1000 of proceeds $85.12 43.39 29.49 22.55 18.38
1 2 3 4 5
Jocelin specified the insurer should make the beneficiary installment payment over a four-year period.
Additional Ownership Rights
Chapter Outline
Premium payment policy dividend options settlement options transfer of policy ownership
Premium payment
Mode of premium payment method of premium payment
Analysis
According to the term of the policy, the insurer gurrantees that it will pay Randy $2,225 each month over the four-year period. The amount of the monthly payment may be larger than $2255 if the policy company earns a more profitable rate of return than guaranteed by the policy.
Fixed-amount option
Is a settlement option under which the insurance company pays equal installments of a stated amount until the policy proceeds, plus the interest earned, are exhausted.
Settlement Option
Interest option fixed-period option fixed-amount option Life income option
Settlement Option
Interest option is a settlement option under which the insurance company invest the policy proceeds and periodically pays interest on those proceeds to the payee.
Fixed-period option
Example
when she died, Jocelin Schiller owned a $100,000 insurance policy on her life. She had made her son Randy as sole beneficiary and had selected the fixed-period settlement option. The policy stated that the insurer would pay interest of at least 4 percent and contained the following chart-based on a 4 percent interest rate - listing the amount of each installment payment that would be payable under the fixed-period option.
Settlement Option
Fixed-period option is a settlement option under which the insurance company agrees to pay policy proceeds in installment of equal amount to the payee for a specified of time.