What is Absolute Assignment?
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).