Policies of Assurance Act

Policies of Assurance Act

This is an act to enable assignees of policies of life assurance to sue thereon in their own names. The following terms need to be understood:

  • Assignor: The current life policy owner
  • Assignee: The legal entity (person or corporation) receiving the life policy via the assignment
  • Property in consideration: Life Insurance policy


Section 1: Assignees of life policies, empowered to sue

This section allows any person or corporation becoming entitled by assignment to a life policy to sue at law to recover such money.


Section 3: Notice of assignment

The assignment is valid only when a written notice of the date and purport of such assignment has been given to the insurance company.


Section 5: Mode of assignment

The mode of assignment may be made by endorsement on the policy, or by a separate instrument in the words or to the effect set out in the Schedule (of this Act), or separate instrument being duly stamped.


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