7.3 Assignment of Life Policy

The assignment's craft: the policy's transfer — the owner's rights (the policy's property character: the assignability); the assignment's forms: the absolute assignment (the whole- interest's transfer — the sale-type: the assignee's ownership) vs the conditional assignment (the security's purpose — the creditor's pledge: the debt's repayment's redemption); the assignment's effect (the assignee's rights' vesting — the claim's payment to the assignee; the original-beneficiary's displacement). The procedure: the endorsement's-or-document's form (the assignment's notice to the insurer; the insurer's record — the registered-assignment's protection); the priority's faces (the successive-assignments' conflicts; the notice's timing). The Nepali frame: the Contract Act's-and-Insurance-Rules' assignment provisions; the life-policy's pledge practice (the bank-loan's collateral — the lending's standard); the assignment-vs-nomination's distinction (the policyholder's lifetime-transfer vs the death's designation — the 7.4's companion).