The transfer of the ownership rights of a Life Insurance policy from one person to another. The term also refers to the document that effects the transfer.
The transfer of the ownership rights of a Life Insurance policy from one person to another. The term also refers to the document that effects the transfer.
Insurance coverage on the head of a family which is extended to his or her dependents, including only the lawful spouse and unmarried children who are not yet employed on a full-time basis. “Children” may be step, foster, and adopted, as well as natural. Certain age restrictions on children usually apply.