Third Party Insurance Ownership: Definition & Examples

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

A third party owned insurance policy has which three different parties?

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1. Who has the right to collect dividends, cash out the policy, name a beneficiary and makes the payments on a third party owned insurance policy?

2. The person in the policy that receives the death benefit once the insured passes away is called the _____.

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About This Quiz & Worksheet

The items on this quiz and worksheet require that you know basic information about third party insurance. You must also be aware of terms related to this kind of insurance.

Quiz & Worksheet Goals

Tested information includes:

  • Who receives the death benefit once the insured passes away
  • Three parties involved in a third party owned insurance policy
  • A description of a third party life insurance policy

Skills Practiced

  • Knowledge application - use your knowledge to identify the person(s) who can collect dividends, cash out the policy, name a beneficiary and make the payments on a third party owned insurance policy
  • Reading comprehension - ensure that you draw the most important information from the lesson on insurance
  • Information recall - access the knowledge you've gained regarding what you may have if you'd be adversely financially affected by the death of someone

Additional Learning

Learn more about insurance by completing the lesson titled Third Party Insurance Ownership: Definition & Examples. You can learn about the following from the lesson:

  • The role of each component
  • Benefits of third party insurance
  • Which entities have to be separate
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