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.