Insurance Glossary

Industry jargon and unfamiliar terminology can be confusing.

No insurance resource would be complete without a helpful menu of terms and concepts. This information-rich list will help you make sense of the solutions you are considering.

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Absolute Assignment

The transfer of ownership and all policy rights from the existing policy owner to another person or entity. If there is an irrevocable beneficiary or collateral assignment, that person must consent to the assignment since he/she has an irrevocable vested interest in the policy.