Business Insurance What is Assignment or Transfer of Insurance Policy?

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.

For each act in this life his history. However your article you have put an attention to many important things like policy and assurer and assure. Regularisation of insurrance is because there was many problem in assignment and transfer of insurance then laws must regularize such kind of operation to protect laws for every part. The story seems a little bit old starting from 2003 so 18 years old. Then to be frank written consent is the most essential in such operations.

How is the insurance policy been transferred ? , Or the process involved in transferring the insurance policy , because I know vividly there they must be an evidence available stating that the insurance policy have been finally transfered from one person to another I think ,so I Will like to Know more

What I know is that it is possible for the beneficiary to be receiving face amount in case the insured dies. That's why it is allowed to have primary beneficiary or contingent beneficiary. But I am very sure that it will be difficult to have ones insurance scheme transfered to another person especially if the person is not part of the beneficiary that the insured person filled for.

Wisdom01 said:

How is the insurance policy been transferred ? , Or the process involved in transferring the insurance policy , because I know vividly there they must be an evidence available stating that the insurance policy have been finally transfered from one person to another I think ,so I Will like to Know more

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