Licentiate Exam - IC 02 Practice of Life Insurance Exam - Important Points
Page 34 Of 42
Go to:
The person or policyholder who transfers the title on the assets or property is known as the assignor and the person to whom the title on the assets or property is transferred is known as the assignee.
Section 38 of the Insurance Act, 1938 deals with assignment of insurance policy.
Assignment is applicable to all kinds of insurance plans except pension plans and plans under Married Women's Property (MWP) Act.
Conditional assignment: in this type of assignment, the rights, title and interest in the policy automatically revert back to the assignor on the occurrence of the specified conditions such as the assignor survives the date of maturity of the insurance policy the loan is repaid
The consent of the assignee need not be taken for reversion of the policy if the condition becomes effective. It is automatic.
MODELEXAM® 
www.realsoftinfoplan.com