Insurance terms?

[nfl72]

What is the form called when the insured assigns his right to a funeral home? Irrevocable?

 

[jdeasy]

Ownership change.

 

[nfl72]

Lincoln Heritage had a form for it. It kept the insured from pulling cash out.

 

[nfl72]

Irrevocable? assignment? There was a specific term for it? It locked in the insured from making any changes to their policy, and also blocked access to the cash value.

 

[suranceman]

Its an assignment.

 

[jdeasy]

Irrevocable? assignment? There was a specific term for it? It locked in the insured from making any changes to their policy, and also blocked access to the cash value.

By any name it’s an ownership change.

If you do an assignment to a funeral home it’s an ownership change.

It can be irrevocable.

If it’s done for Medicaid purposes it must be irrevocable.