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Form preview Blank life insurance policy fo... FORMS 6. 3 LOAN DOCUMENTATION MANUAL Form 6. 3 ASSIGNMENT OF LIFE INSURANCE POLICY AS COLLATERAL Assignee Policy Number Insurer Debtor A. For Value Received the undersigned hereby assign transfer and set over to Assignee its successors and assigns the insurance policy identified by the Policy Number issued by the Insurer and any supplementary contracts issued in connection therewith said policy and contracts being herein called the Policy upon the life of the Insured and all claims options privileges rights title and interest therein and thereunder except as provided in Paragraph C hereof subject to all the terms and conditions of the Policy and to all superior liens if any which the Insurer may have against the Policy. The undersigned by this instrument jointly and severally agree and the Assignee by the acceptance of this assignment agrees to the conditions and provisions herein set forth. FORMS 6. 3 LOAN DOCUMENTATION MANUAL Form 6. 3 ASSIGNMENT OF LIFE INSURANCE POLICY AS COLLATERAL Assignee Policy Number Insurer Debtor A. For Value Received the undersigned hereby assign transfer and set over to Assignee its successors and assigns the insurance policy identified by the Policy Number issued by the Insurer and any supplementary contracts issued in connection therewith said policy and contracts being herein called the Policy upon the life of the Insured and all claims options privileges rights title and interest therein and thereunder except as provided in Paragraph C hereof subject to all the terms and conditions of the Policy and to all superior liens if any which the Insurer may have against the Policy. The undersigned by this instrument jointly and severally agree and the Assignee by the acceptance of this assignment agrees to the conditions and provisions herein set forth. B. It is expressly agreed that without detracting from the generality of the foregoing the following specific rights are included in this assignment and pass by virtue hereof The sole right to collect from the Insurer the net proceeds of the Policy when it becomes a claim by death or maturity Rev* 1 9/99 FORMS either from the Insurer or at any time from other persons and to pledge or assign the Policy as security for such loans or advances surplus dividend deposits or additions to the Policy now or hereafter made or apportioned thereto and to exercise any and all options contained in the Policy with respect thereto provided that unless and until the Assignee shall notify the Insurer in writing to the contrary the distributions or shares of surplus dividend deposits and additions shall continue on the plan in force at the time of this assignment and C. value thereof at any time provided by the terms of the Policy and at such other times as the Insurer may allow terms of the Policy or allowed by the Insurer and to receive all benefits and advantages derived therefrom* Policy has not been surrendered are reserved and excluded from this The right to designate and change the beneficiary provided that the new beneficiary is informed by the undersigned of the existence of this assignment D.
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