Assignment is a transfer of legal rights under or interest in an insurance policy to another party.
collateral agreement
A collateral agreement transfers all or some of the rights of the owner of personal property (including a life insurance policy) to another party (the assignee) as security for the repayment of an indebtedness.
Additional Information
Once the debt is repaid, the assigned property rights usually revert back to the assignor (the original property owner).
Related Terms
Collateral documents are additional documents that are often incorporated into a policy by physical...
