The assignment of 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 [..]

Definition Use of a life insurance policy to secure a loan. Should the policyholder default on the loan, the creditor could recoup the interest on the loan from the policy.

This is when someone designates a policy’s death benefit OR cash surrender value TO a creditor AS security WHEN applying FOR a loan. IF the loan does NOT get repaid, the policy proceeds go TO the cred [..]

Collateral assignment is an 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/ [..]

An assignment by which a property owner temporarily assigns the monetary value of a particular property, such as a life insurance or annuity policy as collateral for a loan.

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

The pledge of a life insurance policy or its value as security for the repayment of a loan. The assignee receives rights that are superior to the rights of the original policy owner and beneficiary, t [..]

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 the creditor’s interest.

The use of a life insurance policy as collateral for a loan.