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Q: |
If the insured changes occupation during the policy term, should the
Policy Owner inform BEA Life accordingly?
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A: |
No, this is not necessary. However, if an occupational rating has been imposed at
policy issue and the insured changes to a less hazardous occupation for at least
6 months, the Policy Owner may apply to remove or reduce the ratings at any
policy anniversary with proof of employment (e.g. employer's letter)
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Q: |
Who will receive the sum insured?
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A: |
The beneficiary. If no beneficiary is designated, the
sum insured will be paid to the Policy Owner or his/her estate.
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Q: |
Can the policy be terminated at anytime?
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A: |
Yes, the policy can be terminated at anytime because no cash value or
surrender value is accumulated in the policy.
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Q: |
What is the meaning of "Policy Owner"?
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A: |
The Policy Owner is the person specified in his/her Policy Schedule. Only the Policy
Owner may exercise all rights and privileges conferred by this policy while the
Insured is alive and the Policy is in force.
The Policy Owner may change the ownership of his/her policy by filing a written
request satisfactory to the requirement of BEA Life. Once BEA Life recorded such request, the transfer of
ownership rights shall take effect as of the signed date of the notice
regardless of whether the Insured is alive at the time of recording.
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