RMIN 317 Lecture Notes - Lecture 14: Life Table, Whole Life Insurance, Life Annuity

• School: University of Calgary
• Department: Risk Management and Insurance
• Course: RMIN 317
• Professor: Anne Elizabeth Kleffner

Document Summary

Life insurance and annuities continued chapter 13 11/29/2016 7:02. Fill in the blank with one of the following words ( owner , insured , The ______ is the individual whose death ultimately causes the policy to mature as a death claim: 2. The _______ is the party who will be receiving the proceeds of the death benefit upon the death of the insured: 3. The _______ is the individual who can exercise the policy"s five contractual rights: The right to pledge the policy as collateral for a loan. The right to surrender the policy for cash (except term insurance policies), and. The right to borrow against the policy from the insurer; Contingent = the one who gets the money if the primary is not alive when the insured dies: revocable vs. irrevocable. If the beneficiary is revocable, you can change the beneficiary at any time without advising the beneficiary.