1.Transfer of a right. 2. The document making the transfer of a right. The right transferred may be an interest in the subject-matter of insurance, in the contract of insurance, or in policy moneys due to the insured.
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A combination flexible premium, adjustable life insurance policy. The premium payer may select the amount of premium he or she can pay and the policy benefits are those which the premium will purchase; or, the premium payer may change the amount of insurance and pay premium accordingly. Many believe this is the only true solution to the “buy term invest the difference” problem.