: Assignment of Life Insurance Policy as Collateral contract contains the following, ìÖRights reserved by assignor. It is expressly agreed that so long as the policy has not been surrendered, the following specific rights are reserved and excluded from this assignment and do not pass to assignee by virtue hereof: a. The right to collect from insurer any disability benefit payable in cash that does not reduce the amount of insurance; b. The right to designate and change the beneficiary; and c. The right to elect any optional mode of settlement permitted by the policy or allowed by insurer. Indebtedness secured. This assignment is made as collateral security for any and all indebtedness of assignor to assignee, either now existing or that may hereafter arise between assignor and assignee. Assignee agrees to apply any and all money received from insurer to the satisfaction of such indebtedness, and to pay to assignor, his legal representatives, heirs, or assigns, any balance remaining after payment of the indebtedness existing at the time of such payment.î |
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