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Home / Policy Services / Assignment

Assignment

Salient Features :

The salient features of the provisions of this Act are briefly given below

• An assignment can be made by an endorsement on the policy or by a separate Deed.
  
  
• Notice of Assignment in writing is necessary to be submitted to the Corporation along with either the Policy document duly endorsed or Deed of Assignment or a certified copy thereof.
  
  
• The insurer has to record the fact of the transfer or assignment and has to give a written acknowledgement of receipt of such notice.
  
  
• As a result of assignment all the rights and liabilities under a policy will be transferred to the assignee subject to lawful condition set in the assignment.
  
  
• It is possible to make an assignment which is conditional.  It is also possible to make assignment in favour of survivor or survivors of a number of persons.
  
  
• Section 38 makes it very clear that the conditional assignment made after the Act came into existence, cannot be considered absolute, notwithstanding the Personal Law of Mohammedans.  That is, the conditional assignment made after the Act came into force, by a Mohammedan, in spite of his Personal Law, is valid and cannot be treated as Absolute Assignment.

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