Licentiate Examination - IC 14 - Regulation of Insurance Business Exam - Important Points
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Section 38 - Assignment - ordinarily refers to transfer of property by writing as distinguished from transfer by delivery
Conditional assignment provides that the policy shall revert back to the life assured on his or her surviving the date of maturity or on death of the assignee
Absolute assignment provides that rights, title and interest of the assignor in the policy are transferred to the assignee without reversion to the former or his / her estate in any event
Absolute Assignment - The policy vests absolutely with the assignee. The latter can deal with the policy in whatever manner he or she likes without the consent of the assignor
Assignment has to be by endorsement. Assignment notice should be in writing
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