Sentences with phrase «absolute assignment»

The drawback of this method is that once you transfer ownership to the charity, a process known as absolute assignment, you no longer have control over the policy.

If the policyholder wants the entire proceeds to go to another person, then he or she needs to opt for absolute assignment.

Usually, the individual owns the policy and designates beneficiaries, then by absolute assignment transfers to the employer an amount equal to the premiums paid by the employer.

If policy assigned to absolute assignment from A to B. B is the assignee of the policy and he have all rights of the policy.

An Incontestable Absolute Assignment is then effected.

Absolute Assignment: The transfer of ownership of a life insurance policy to a separate entity.

Absolute Assignment The transfer of all incidents of ownership (rights) in a life insurance policy to another individual or entity.

Unlike an absolute assignment — which pretty much assigns the policy lock, stock, and barrel with no possibility of reversal — the collateral assignment is a more limited type of transfer.

Absolute Assignment: When you transfer the ownership of a life insurance policy to someone else.

With an absolute assignment, you transfer all of the rights of the life insurance policy to the designated assignee.

In comparison to an absolute assignment — which essentially assigns the policy as is, without any way of reversing it — the collateral assignment acts as more of a restricted kind of transfer.