Mataracy
VIP Contributor
It has been established that it is the interest of a person in the subject matter of insurance that is insured. Therefore any assignment or transfer of the policy from one person to another will not be easy since the person to whom the policy is transferred might not have the same interest. Part X sections 60 - 63 of 2003 Insurance Act empowers the policy holder to transfer a policy but with the written consent of the insurer or assurer. The Marine Act 1906 section 50 allows for the free transfer or assignment of Marine policies.
In life policies, the 2003 insurance Act allows an underwriter to insert a clause in the policy that allows an insured or assured to transfer or assign his policy and also stipulates that a written notice as to the transfer be made by the insured or assured to the insurer and the insurer or assurer must acknowledge such request.
In life policies, the 2003 insurance Act allows an underwriter to insert a clause in the policy that allows an insured or assured to transfer or assign his policy and also stipulates that a written notice as to the transfer be made by the insured or assured to the insurer and the insurer or assurer must acknowledge such request.