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It’s a useful feature that guarantees the money will be paid back, no matter what.
Assignment In Insurance Introduction Argumentative Essay
Since the policyowner actually owns the policy, not the insurer, the owner has every right to give the policy away just like any other owned piece of property; the insurer's permission is not required.
If a partial assignment was made, the unpaid mortgage balance will be paid to the assignee and the remainder will be paid to the beneficiary named in the policy.
Did you know your life insurance policy can help you get a loan?
If the insured dies before the debt is repaid, the balance of the debt is paid to the creditor out of the policy proceeds.
If there are any funds left once the debt has been satisfied, the rest of the proceeds go to the policy's beneficiary.