Lic Notice Of Assignment Form
Description
How to fill out Lic Notice Of Assignment Form?
How to obtain expert legal documents that comply with your state's laws and fill out the Lic Notice Of Assignment Form independently without engaging an attorney.
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FAQ
Interest in a life insurance policy can be transferred from the policyholder to a lender or relative by assignment of policy. Here the policyholder is known as the assignor and the person in whose favour the policy has been assigned is called assignee.
Assignment of a life insurance policy may be made by making an endorsement to that effect in the policy document (or) by executing a separate 'Assignment Deed'. In case of assignment deed, stamp duty has to be paid. An Assignment should be signed by the assignor and attested by at least one witness.
The assignment can be done by either of the following process: Making an endorsement on the LIC Policy document, In this process the stamp duty is not required. The assignment form along with the policy should be duly signed by the assignor, assignee & a witness.
A life insurance policyholder can transfer rights of the policy to another person with certain conditions. This is called conditional assignment of life insurance policy. A life insurance policyholder can transfer rights of the policy to another person with certain conditions.
Assignment of a Life Insurance Policy simply means transfer of rights from one person to another. The policyholder can transfer the rights of his insurance policy to another for various reasons and this process is called Assignment.