The person who transfers the rights of the life insurance policy to the assignee is called the Assignor.
Detailed Explanation of Assignor
He is an person who is assigning the policy to another person. Here in insurance he is the original owner of the policy who transfers all his rights on his policy to someone else.
Normally a person takes policy on his name for his future needs. In between this period, he can assign the policy to anyone.
In simple words, he is the actual owner of the policy who has given all the benefits to some other person.
we had added a picture for your better understanding.
Frequently asked questions
- Can I assign my brother policy to my friend?
An assignor should have the full rights on the policy for assigning it to some other person. You cannot assign another person policy because you do not have rights on others policy.
2. What are the rights to the assignor after assignment?
An assignor doesn't have any rights on the policy after assignment. He cant even make a small modifications to the policy after assignment.
3. How many times a life insurance policy been assigned?
A policy can be assigned any number of times subject to the old assignment tenure being over.
4. when does the policy benefits come back to the assignor?
Unless if any condition of re assignment is mentioned in the assignment form, the policy may not be re assigned.
5. Who can be a assignor?
Anyone who holds a policy in his name can become an assignor of he assigns his policy to someone.
6. Does he required to be in good state of mind for assignment?
7. Can he get back his policy benefits?
8. When can he assign the policy?
He can assign the policy at any point of time.
9. Does the assignor get any consideration for assigning a policy?
It depends upon the type of assignment.
In this section, we had tried our best to educate you on an insurance terminologies. The main purpose of this page is to educate people on the terminology used in the life insurance industry. Kindly click on the required terminology to get the meaning for the same. If you didn't find out the insurance terminology here, feel free to comment. We will update you immediately. If you are not able to understand the above points or if you require any clarification kindly enter your comments.