Posted by jimi on October 13, 2009 at 12:39:12:
In Reply to: Wraps and Hazard Insurance posted by Michael Morrongiello on October 13, 2009 at 12:10:28:
Michael -
That clears it up for me. I was thinking that the policy ownership was assigned. You point out, that instead, it's the benefits (declaration of coverage and potential proceeds) that are assigned. That makes sense - I believe that life insurance policies work the same way, and therefore there are "discounters" of life insurance policies - fronting the policy beneficiary some money in exchange for assignment of the future proceeds.
Best,
jimi