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What is the meaning of Conditional Assignment?

Conditional Assignment refers to the way by which an assignor i.e. life insurance policyholder can transfer policy rights to the assignee as per the terms and conditions. As per conditional assignment, the assignor gets back the policy rights if he/she fulfils all the criteria under which the policy was initially transferred. On the contrary,  only […]

Who is an Assignee?

An Assignee refers to any person, any firm, a trust or an entity who is the ultimate recipient of the rights, benefits and ownership of an insurance policy or a contract. The one who transfers the latter to the assignee is known as the assignor. Usually, the assignment contracts are made in writing but in […]

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 […]

What is Assignor?

The Assignor is basically a person, a party or an entity that transfers the rights of a contract which they hold to another entity known as the assignee. The assignor thus transfers complete ownership rights and all the benefits pertaining to the contract to the assignee.