What is Absolute Assignment?

What is Absolute Assignment?

An absolute Assignment of a life insurance policy means transfer of 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 policies of insurance are assignable?

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