Agreement Form Assignment For Life Insurance In Philadelphia
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FAQ
In General. The assignment of an owner's policy means to assign the benefits of an already issued policy from the named insured to another party.
WARNING! This form permanently transfers ownership of your FEGLI insurance to another individual, trustee, or corporation (however, premiums continue to be withheld from your salary/annuity). An assignment is irrevocable, and cannot be changed later.
The insured needs to either endorse the policy document or make a deed of assignment and register the same with the insurer. A form prescribed by the insurers must be filled and signed. In case of conditional assignment, your reason needs to be mentioned as well.
The assignee of your life insurance policy becomes the nominee and receives the claim benefits, if it arises. The appointed nominee receives the claim benefits if you pass away during the policy period.
You can freely assign your life insurance policy unless some limitation is specified in your contract (your insurance company can furnish the required assignment forms).
In a life insurance assignment, a policy owner transfers his ownership rights of the policy to another party. The original owner is the assignor and the second party is the assignee.
--(1) A transfer or assignment of a policy of insurance, wholly or in part, whether with or without consideration, may be made only by an endorsement upon the policy itself or by a separate instrument, signed in either case by the transferor or by the assignor or his duly authorised agent and attested by at least one ...
