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What are the essential features of assignment? Explain in brief. |
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Answer» Essential features of assignment: ⇒ The person assigning the policy must have absolute right or interest vesting in him in respect of the policy. ⇒ The assignor must be a major and competent to enter into a contract. ⇒ The assignor must not be subject to any legal disqualification. ⇒ A life insurance policy from LIC may be assigned only after a period of five years. |
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