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Assignment Of Life Insurance
Policy As Security

1. Identity of Parties and Loan. The Undersigned is indebted to [name], having its principal office at [address] (Lender), under a promissory note dated [date], in the original principal sum of ........ dollars ($........) (Loan). This Assignment is made as collateral security for any and all liabilities under the Loan.

2. Assignment of Policy. The Undersigned assigns to Lender policy number [number] issued by [name] (Insurer), and any supplementary contracts issued in connection with such policy, that insures the life of [name] (Policy), and all claims, privileges, rights, and interest in the Policy. This Assignment is subject to the terms of the Policy.

3. Lender's Rights. Without limiting the general assignment to Lender contained in Paragraph 2, it is specifically agreed that the following rights are assigned to Lender:

a. Insurance Proceeds. The sole right to collect the proceeds of the Policy when a right to such proceeds exists, due to death or otherwise;

b. Right to Surrender. The sole right to surrender the Policy, as provided by its terms, and to collect the surrender value;

c. Loans. The sole right to obtain loans and advances based on the Policy, either from Insurer or from third parties, and to pledge the Policy as security for such loans or advances;

d. Nonforfeiture Rights. The sole right to exercise all nonforfeiture rights existing under the Policy or granted by Insurer and to receive all benefits derived therefrom;

e. Distributions. The sole right to receive all distributions or shares of surplus, dividend deposits, or additions to the Policy, and exercise all options with...

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