Q. How is assignment of a life insurance policy defined?

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Q. How is assignment of a life insurance policy defined?What is the person who transfers the rights, title, and interest in the policy called in an assignment?

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Q. What is the term for the person to whom the policy rights, title, and interest are transferred in an assignment?

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Q. What happens to the nomination when an assignment is made to the insurance company for a policy loan?

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Q. What is the main difference between conditional assignment and absolute assignment in life insurance?

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Q. In an absolute assignment, who has control over the policy's rights and benefits?

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Q. What is the primary scenario where absolute assignment is commonly used?

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Q. What is one of the necessary conditions for a valid assignment?

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Q. Can the assignee change the nomination of the policy?

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Q. What is the requirement for a valid assignment of a life insurance policy?

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Q. Can a life insurance policy be assigned partially?

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Q. What is the consequence if the policyholder fails to give notice of the assignment to the insurer?

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Q. When can an insurer refuse to accept an assignment of a life insurance policy?

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Q. What is the maximum time frame within which an insurer must communicate the reasons for refusing an assignment?

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Q. What is the purpose of issuing a duplicate policy in life insurance?

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Q. Under what circumstances might a life insurance company require an indemnity bond or surety for issuing a duplicate policy?

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Q. When are policy alterations typically permitted in life insurance?

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Q. Which of the following is considered a compulsory alteration in a life insurance policy?

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Q. In case of a high-value payment, what additional step may be required when issuing a duplicate policy due to a lost document?

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Q. What is typically required when a policyholder requests an alteration in a life insurance policy?Which of the following policy alterations does not generally involve an increase in the risk?

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