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dictionary of life insurance terminologies

Insurance terminology “A”

insurance dictionary

Insurance terminology “A” This section on Insurance terminology contains all the terminologies starting with alphabet A. Absolute Assignment The insurance terminology Absolute Assignment means complete transfer of whole and sole rights of the policy from the assignor to the assignee without any further terms and conditions applicable. Accident It is an unforeseen and unintended event/ occurrence […]

Accident in insurance meaning


Accident Definition Accident is an unforeseen and unintended event/ occurrence that has caused an injury to the insured Explanation of Accident So it may be having the following qualities. Unplanned Unexpected Happens suddenly cant be predicted It is not done intentionally Cant be stopped It may result in the following, Injury to health of the person Loss to the […]

Absolute Assignment in insurance meaning


Absolute Assignment The word absolute assignment itself tells the meaning for it and is an type of assignment done without any terms and conditions. Which means the policy once assigned here transfers full rights to the assignee. Defintion Absolute Assignment means complete transfer of all the rights of the policy from the assignor to the assignee […]

Assignor in Insurance meaning

Assignor 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 […]

Assignment in Insurance meaning


Assignment Definition: Assignment means legal transference. It is a means whereby the beneficial interest, right and title under a life insurance policy get transferred from assignor to assignee. ‘Assignor’ is the policyholder who transfers the title and ‘Assignee’ is the person who derives the title from the assignor Detailed Explanation: In simple words, Assignment is […]

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