Trasnfer of ownership
- How Does the Transfer Work?
How Does the Transfer Work?
1. Existing Policyowner
The original owner decides to transfer/sell the existing policy.
2. Policy Assessment
The policy is reviewed for relevant policy information and transfer requirements.
3. New Owner
The prospective buyer reviews the available policy information.
4. Assignment
Ownership is transferred through the applicable assignment process.
5. New Policyowner
The new owner assumes the applicable rights and obligations under the policy.
An absolute assignment generally transfers the policy rights to the new owner, subject to the insurer’s procedures and the policy’s eligibility requirements.
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