GENERAL KNOWLEDGE

Detailed explanation-1: -Assignee. A person, an entity or a trust who receives the rights, ownership and benefits of an insurance policy or a contract is the assignee.

Detailed explanation-2: -Assignee in an Insurance Policy In the context of a life insurance policy, interest in a policy can be transferred from the policyholder to a lender or relative by assignment of the policy. In this case, the policyholder is the assignor and the person in whose favor the policy has been assigned is called the assignee.

Detailed explanation-3: -An assignor is an original party to a contract who can give the rights, property, or benefits of that contract to another person (the assignee). An assignor can be an individual, group, business, or other entity.

Detailed explanation-4: -Assignment of the policy refers to the transfer of rights, title, and policy ownership from the policyholder to another person or entity. The person involved in assigning/transferring the policy is called assignor, and the person/institution to which it is assigned is called the assignee.