T2-L1-P2

Rights of Ownership

• The right to change the beneficiary.
• How death benefits might be paid.
• The unilateral right to cancel the policy and select a nonforfeiture option.
• The right to take out policy loans, assuming that it is a living benefit type of policy with equity.
• The right to receive policy dividends selecting the manner of payments for those dividends if it is a participating policy.
• The right to sell it or to change the ownership, which are known as assignments.