What does Absolute Assignment mean? Read on to discover the definition & meaning of the term Absolute Assignment - to help you better understand the language used in insurance policies.
Policy assignment under which the assignee (person to whom the policy is assigned) receives full control over the policy and also full rights to its benefits. Generally, when a policy is assigned to secure a debt, the owner retains all rights in the policy in excess of the debt, even though the assignment is absolute in form.
We hope the you have a better understanding of the meaning of Absolute Assignment.