Owner's Designated Beneficiary
The person who is selected to receive the policyholder's interest in an insurance policy in the event of the insured's death before all of his or her interest in the policy has been distributed.
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Insurance Industry News from ProgramBusiness.com
AIG Sale in CanadaU.S. insurer and storefront owner AIG, which is selling assets to raise funds to repay U.S. government loans, said last week that it would sell its AIG Life Insurance Co of Canada unit to BMO Financial Group, parent of Bank of Montreal (BMO.TO), for about C$375 million (US$308 million.)BMO said it will take on AIG Life of Canada's 300 employees and 400,000 customers. AIG Life of Canada sells its services through 5,000 agents across Canada, direct-to-consumer marketing and traditional employee benefit plans.
Final deal terms will reflect any change in the unit's value at the closing, which is expected by June 1 and is subject to regulatory approvals.
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