What is the Definition of Absolute Assignment?
An irrevocable transfer of complete ownership of a life insurance policy or an annuity from one party to another. Contrast with Collateral assignment.
Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/
Label: Insurance
Theme: Dictionary of Insurance Terms
Other Questions: What is the definition of Insurance?
What is the Definition of Absolute Assignment?
Check out other definition of insurance terms below:
What is the Meaning of RETROCESSION In Insurance Terms?
The reinsurance bought by reinsurers to protect their financial stability.
What is the Meaning of RETROSPECTIVE RATING In Insurance Terms?
A method of permitting the final premium for a risk to be adjusted, subject to an agreed upon maximum and minimum limit based on actual loss experience. It is available to large commercial insurance buyers.
What is the Meaning of RETURN ON EQUITY In Insurance Terms?
Net income divided by total equity. Measures profitability by showing how efficiently invested capital is being used.
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