Who Is Assignee In Life Insurance?
61667 POINTSview profileSteve SavantSyndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale ArizonaAssuming the question is an inquiry into the rights to assign a policy, the policy owner has such rights. Those rights extend to changing primary and/or contingent beneficiaries as well as assigning or endorsing the policy's face amount and/or cash values. The power of policy assignment is in the purview of the policy owner.Answered on August 9, 2013flag this answer.JPG)
63333 POINTSview profilePeggy MaceMost of the U.S.The Assignee in Life Insurance is the person, organization, business, or other entity to whom the policy proceeds are assigned. E.g. The assignee may be a lender who will receive the death benefit upon the death of the person owing the debt. However, the assignee only receives the remaining debt that is owed to them; the excess of the life insurance proceeds go to the beneficiary listed on the policy.Answered on August 10, 2013flag this answer
37376 POINTSview profileDavid G. Pipes, CLU®, RICP®Business Development Officer, T.D. McNeil Insurance Services, Fresno, CaliforniaMost life insurance policies do not have an “assignee.” A policy is assigned as a requirement of either a lender or someone else to which an obligation is due. When death occurs the insurance company contacts the assignee and satisfies the assignee’s claims prior to distributing the balance to the beneficiary. If you have a $500,000, and borrow $50,000, if required the owner of the policy can assign it to the lender. In the event of death the company will satisfy the creditor ($50,000 or less) and pay the balance to the beneficiary.Answered on July 3, 2014flag this answer
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