1.

What are the essential features of assignment? Explain in brief.

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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