Policy Servicing
Your policy is one of the most valuable assets you own. Keeping your insurance policy in force will ensure that you or your family continue to receive the benefits.
Throughout the course of your policy ownership, LICI team is waiting to assist you with all your servicing needs.
Assignments
An instrument whereby the beneficial interest, title and right under a policy is transferred by one living person who is entitled to transferable interest in the said policy (Assignor) to another living person (Assignee)
The term “living person” refers to a Company, Association, Body Or Individual whether incorporated or not.
- Conditional Assignment
- Usually effected for consideration of natural love and affection
- Provides for the right to revert to the policyholder in the event of Assignee predeceasing the policyholder surviving to the date of Maturity
Requirements:
- Original Policy Document
- Memorandum of Transfer Form
- Assignment Declaration Form
- Absolute Assignment
- Generally made for valuable consideration
- All rights, title and interest of the Assignor (Life Assured) is transferred to the Assignee
- The absolute assignee may deal with the policy in his wishes and can transfer his interest to another person
Requirements:
- Original Policy Document
- Memorandum of Transfer Form
Quick Links
68 Years of Commitment and Trust
