Transfer of rights in a policy to another party by the policyholder. For example, if you bought a life insurance policy on a minor child, you are the owner and the child is the insured. When the child reaches age 21, you could assign all rights of ownership in the policy to the child. This is an absolute assignment.
- Assumable Mortgage
A mortgage that can be taken over (“assumed”) by the buyer when a home is sold.
The transfer of the seller’s existing mortgage to the buyer.
- Assumption Clause
A provision in an assumable mortgage that allows a buyer to assume responsibility for the mortgage from the seller. The loan does not need to be paid in full by the original borrower upon sale or transfer of the property.
- Assumption Fee
The fee paid to a lender (usually by the purchaser of real property) resulting from the assumption of an existing mortgage.
The process whereby a court takes custody of a debtor’s property until the creditor’s debt is satisfied.
- Attained Age
The present or current age of the insured. Upon conversion, premiums are based on the current age of the insured.
To bear witness by providing a signature.
One who acts for or represents another. Must be licensed as such to give legal advice.
One who holds a power of attorney from another to execute documents on behalf of the grantor of the power.