A policy assignment under which the assignee receives full control over the policy and full rights to its benefits. As a general rule, when a policy is assigned to secure a debt, the owner retains all rights in the policy in excess of such debt, even though the assignment may be absolute in form. The insurance company does not guarantee the validity of the assignment.
An irrevocable transfer of complete ownership of a life insurance policy from one party to
A policy assignment under which the assignee (person to whom the policy is assigned) receives full control over the policy and also full rights to its benefits. Generally, when a policy is assigned to secure a debt, the owner retains all rights in the policy in excess of the debt, even though the assignment is absolute in form. See also assignee; assignment; assignor.
Occurs when a policy holder assigns all control and rights in a policy to a third party.
The transfer of ownership rights
Assignment by a policy owner of all control of and rights in the policy to a third party. (G)
The irrevocable transfer of ownership of a life insurance policy from one person to another.
An assignment of a life insurance policy or annuity contract under which the policyowner or annuity contract owner transfers all policy ownership rights to an assignee. See also assignment.
A method of transferring the ownership of a life insurance policy or annuity to an assignee. See also assignment and collateral assignment.
The absolute or complete assignment of a policy that transfers all rights and benefits to the assignee.
