Assignee Form Meaning
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Assignee is a person to whom a right is transferred by the person holding such rights under the transferred contract (the ?assignor?). The act of transferring is referred to as ?assigning? or ?assignment? and is a concept found in both contract and property law.
The "Assignee" is the person(s), firm(s), or trust(s) (usually named on an Assignment form, RI 76-10) who owns and controls the Insured's life insurance coverage. An assignment is not the same as a designation of beneficiary.
1. : a person to whom an assignment is made. 2. : a person appointed to act for another.
An assignee is a person or a company that buys your loan. For example, an auto dealer that extends credit to individuals may sell their loans to a bank. In this case, the bank is the assignee and the auto dealer is the assignor.