What is Absolute Assignment?

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What is Absolute Assignment?

absolute assignment _1_How is the transfer of a policy's ownership done?

The transfer of a policy's owner is done through an Absolute Assignment. Absolute Assignment is the legal transfer of all rights and benefits of a policy from the current policy owner (Assignor) to the new policy owner (Assignee). You can transfer the rights on your life insurance policy to another person or institution for various reasons. This process is known as Assignment and is governed under the Policies of Assurance Act (Chapter 392).

What policies are assignable?

Endowment Policies and Whole Life Assurance Policies are assignable. Other types of insurance policies are generally non-assignable.

Does the assignor have any rights after the assignment?

In an Absolute Assignment of an insurance policy, the assignor retains no rights. All rights are transferred to the new policy owner (Assignee).