What is Absolute Assignment?
An absolute assignment refers to complete transfer of the ownership (rights, benefits, liabilities etc.) of the policy to another party with no mention of terms and conditions. E.g. if A the policy owner wants to gift or give his/her life insurance policy to another person B, then A is doing Absolute Assignment. Thus, A is the Assignor and B is the Assignee. Thus, all benefits, returns, liabilities etc. will be in name of B. Furthermore, if B desires he can further transfer the policy to another party.
Topics: ownership rights