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Assignment of Policy as Collateral - Penn Mutual Life

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The document is an assignment form for collateral security related to life insurance policies issued by Penn Mutual Life Insurance Company. It outlines the process for assigning policy rights as collateral, specifies the rights retained by the policyowner, and details the obligations of both the policyowner and assignee. The form must be completed accurately and returned to the company for processing.

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Got questions?

We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Can a life insurance policy be used as collateral?

A collateral assignment primarily serves to protect the repayment interest of the lender. An assignment of all rights in a policy is considered an absolute assignment; this would essentially constitute a change of policy ownership.

Can you use a life insurance policy as collateral?

Having a life cover can protect you and your loved ones from financial loss. It can also be used as collateral against a loan. While having a life cover can position you better with lenders, there are a couple of things that you need to consider before you cede your policy to cover a loan.

What is the collateral assignment of life insurance policy?

An assignment of a life insurance policy refers to the transfer of ownership rights, title, and benefits of the policy from the original policyholder (assignor) to another party (assignee).

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