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#1385051 - 05/03/10 02:19 PM Assignment of disability insurance
ndca1 Offline
Junior Member

Registered: 09/26/07
Posts: 29
I have seen an assignment of life insurance taken as collateral, but not one on disability insurance. We are proposing to take both disability and life insurance as part of our collateral. With the disability insurance, would the assignment be the same process as life insurance? The insurance company been contacted and they will let us take it as collateral with a form they will be sending us. Is there anything else that we would need to do for this?

Article 9
#1385107 - 05/03/10 03:31 PM Re: Assignment of disability insurance [Re: ndca1]
Happy Birthday HRH Okie Banker Offline
Power Poster

Registered: 01/14/03
Posts: 2678
Loc: Oklahoma
I don't think I've ever taken a disability policy. Annuity and Life Insurance, many times. If this were me I would:
1. Require a full copy of the Policy, including the application, and review it very carefully.
2. Carefully review of the assignment form provided by the insurance company for Bank's rights.
3. Run this by legal counsel to make sure the documents are in compliance, perfection is spot on and that there is nothing against this under state law.
Just working here until I get my letter from Hogwarts.

#1385220 - 05/03/10 05:16 PM Re: Assignment of disability insurance [Re: HRH Okie Banker]
Skittles Offline
10K Club

Registered: 09/10/02
Posts: 12362
Loc: KY
I have seen an assignment of disability taken <years ago> and it was a good thing, too. This customer left a lot of other banks high and dry but the assignment stuck and the bank got repaid.
'Remember that today while you are safe, comfortable and warm somewhere a Kardashian/Jenner is starving for attention.' TR


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