AWARENESS
Interactive Glossary
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What
Assignment is the legal process of giving the rights of a policy to someone else, often to a bank or a lender.
Why
It is useful when the policy is used as a security for a loan.
How
The policyholder submits an assignment request to the insurance company.
Scenario:
Mr. Sharma took a life policy and assigned it to a bank for a home loan.
Event:
If he dies, the claim will first go to the bank.
Application:
Assignment ensures loan repayment.
Outcome:
His family won’t be burdened with debt.
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What
Assignment is the legal process of giving the rights of a policy to someone else, often to a bank or a lender.
Why
It is useful when the policy is used as a security for a loan.
How
The policyholder submits an assignment request to the insurance company.
Scenario:
Mr. Sharma took a life policy and assigned it to a bank for a home loan.
Event:
If he dies, the claim will first go to the bank.
Application:
Assignment ensures loan repayment.
Outcome:
His family won’t be burdened with debt.
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What
Assignment is the legal process of giving the rights of a policy to someone else, often to a bank or a lender.
Why
It is useful when the policy is used as a security for a loan.
How
The policyholder submits an assignment request to the insurance company.
Scenario:
Mr. Sharma took a life policy and assigned it to a bank for a home loan.
Event:
If he dies, the claim will first go to the bank.
Application:
Assignment ensures loan repayment.
Outcome:
His family won’t be burdened with debt.
- A
- B
- C
- D
- E
- F
- G
- H
- I
- J
- K
- L
- M
- N
- O
- P
- Q
- R
- S
- T
- U
- V
- W
- X
- Y
- Z
What
Assignment is the legal process of giving the rights of a policy to someone else, often to a bank or a lender.
Why
It is useful when the policy is used as a security for a loan.
How
The policyholder submits an assignment request to the insurance company.
Scenario:
Mr. Sharma took a life policy and assigned it to a bank for a home loan.
Event:
If he dies, the claim will first go to the bank.
Application:
Assignment ensures loan repayment.
Outcome:
His family won’t be burdened with debt.
Risks Faced in Daily Life
From natural disasters to accidents, property, health, or life risks, we all face some variety of daily threats. Insurance mitigates these risks and provides a safety net for families and businesses, ultimately preserving one’s livelihood.
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