Absolute Assignment
The policyowner transfers all rights to another party (e.g., person, charity, corporation), which then becomes the policyowner.
An absolute assignment of an insurance contract transfers the ownership.
Another source: Absolute assignment gives all rights, title and interests to the assignee. The change of ownership is effective as of the assignment date. The assignee becomes the policyowner ans beneficiary and is entitled to the policy benefits from then on
page revision: 2, last edited: 09 Dec 2007 03:00