assignment of insurance
Definition
Transfer by the holder of a life insurance policy (the assignor) of the benefits or proceeds of the policy to a lender (the assignee), as a collateral for a loan. In the event of the death of the assignor, the assignee is paid first and the balance (if any) is paid to the policy's beneficiary. Other types of insurance policies may not be used for this purpose.
assignment of insurance is in the General, Marine, & Life Insurance subject.
assignment of insurance appears in the definition of the following term: assignment clause
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