Page 34 - IC24 LEGAL ASPECTS OF LIFE ASSURANCE
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Chapter 8 Rights under Life Insurance Policies
The assignment of a life insurance policy is the act of
transferring the title, rights and interest in the policy from the
policyholder to another person/organisation.
Assignor: The person who transfers his right is called the
assignor
Assignee: the person to whom the right is transferred is called
the assignee.
Section 38 of the insurance act covers assignment
Assignment can only be by endorsement and a written notice
has to be sent to the insurer.
The insurer has to record the assignment and grant a written
acknowledgement.
Assignment can be absolute or conditional
