The policy holder has complete rights to assign his policy to another person. Th person who is getting the policy assigned is called assignee and the person who is assigning the policy is called assignor. Upon the assignment of a policy the policy holder declares that all the benefits of the policy on the maturity of the policy or on the death of the policy holder belongs to the assignee and not to the policy holder or his nominee. On the assignment of a policy the nomination automatically becomes ineffective.
The assignment can be made to an assignee on the true love or affection or upon the financial needs of the policy holder. The policy holder can assign the policy to a financial institution for his financial needs and when the financial contract between the policy holder and the financial institution is finished the policy should be reassigned to the policy holder.
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Is there any court judgement uphelding the assignment from one person to another person
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