1. Read through the Assignment of Benefits agreement carefully. An AOB is an agreement that transfers the insurance claims rights or benefits of the policy to a third party.How to fill out the Assignment Policy Form for Life Insurance? 1. Identify the policy and the assignee details. 2. (2)(a) An assignment agreement must: 1. An assignment of benefits (AOB) is a legal contract that allows you, as the policyholder to transfer your insurance rights to a third-party (assignee),. The form must state that the policy restricts the assignment of benefits.