What is Absolute Assignment?

What is Absolute Assignment?

An Absolute Assignment is the assigning of a policy to transfer the ownership rights from the Assured (Assignor) to another person or institution (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 Policies of Assurance Act (Chapter 392). 

What Kind of Insurance Policies Are Assignable?

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

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