Cash Value
The monetary worth of an insurance policy. The amount of cash available to the owner when a policy is surrendered to the life insurance company. Most of the cash value is also available to policyowners in the form of policy loans. Collateral Assignment
The pledge of a life insurance policy as security for the repayment of a loan, which provides the assignee with rights to the extent of the obligation owed to the assignee. Contingent Beneficiary
The secondary beneficiary who will receive policy proceeds only if the Primary Beneficiary is no longer living. Conversion
The change of one policy to another. Conversion Privilege
A policy provision found in term insurance policies that allows an insured to exchange the current coverage for a permanent policy. Cost Basis
For an insurance policy, the amount equal to the total net premiums paid plus accumulated dividends earned minus certain specified costs. This is used for tax purposes when calculating taxable gains.
Forms & FAQs for All Products
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Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free (800) 369-2862. Nondeposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members. CUNA Brokerage Services, Inc., is a registered broker/dealer in all fifty states of the United States of America. The Representative may also be a credit union employee that accepts deposits on behalf of the financial institution.
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