Assignment Of Insurance Policy For Loan

Assignment of a Insurance Policy simply means transfer of rights from one person to another. The policy holder can transfer the rights of his insurance policy to another for various reasons and this process is called Assignment.
  The person who assigns the policy, i.e. transfers the rights, is called the Assignor and the one to whom the policy has been assigned, i.e. the person to whom the policy rights have been transferred is called the Assignee. Once the rights have been transferred to the Assignee, the rights of the Assignor stands cancelled and the Assignee becomes the owner of the policy.

TYPES OF ASSIGNMENT

1. Absolute Assignment - This means complete Transfer of Rights from the Assignor to the Assignee, without any further conditions applicable.
  2. Conditional Assignment - This means that the Transfer of Rights will happen from the Assignor to the Assignee subject to certain conditions. If the conditions are fulfilled then only the Policy will get transferred from the Assignor to the Assignee.

The Assignment must be in writing and a notice to that effect must be given to the insurer. 

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