Page 43 - IC24 LEGAL ASPECTS OF LIFE ASSURANCE
P. 43
be attested by at least one witness and signature of the
assignor is also compulsory.The conditions may vary from
insurer to insurer.
Can an Insurance Company decline the Assignment request?
Yes, an insurance company can decline your assignment
request.With the addition in Insurance Act 2015, an insurer has
the right to accept or decline assignment of the policy. This
addition in the insurance act was made because of the useof
assignment of life insurance policy as a profit making business.
Trading of life insurance policy is strictly banned and is
considered illegal. If the insurer finds that your reason of
assignment is not genuine or is forceful then they will decline
your assignment request.
