Policy ownership, a simple concept?
I wrote in an earlier article that I had discovered a bank was systemically administering policies in a way that is both contrary to industry understanding and the law.
Frankly, a basic level five core paper, everyone is complaining about doing, outlines it really clearly.
The policy owner controls and is the beneficiary of the policy.
"The owner of a life insurance policy is the one who has the rights that are stipulated in the policy document. There can be more than one owner. The owner, or owners, also have the right to name a beneficiary, the right to surrender or cancel the policy and the right to transfer ownership. The owner is sometimes referred to as the policyholder.” – Strategi Tax and Ownership from their Life and Health Strand material.
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