What Is Involved in the Collateral Assignment of Life Insurance?

Policy transfer refers to the legal act of transferring the rights and obligations in the insurance contract to others by the insured or the insured. The essence is the change of the contract subject. As long as the rights of the beneficiary are not violated, the life insurance policy can be transferred. If the transfer is based on unethical or illegal considerations, the court will make a denial decision; if an unchangeable beneficiary is designated, the policy cannot be transferred without the beneficiary's consent.