Who Is Assignee In Life Insurance? 
Most life insurance policies do not have an assignee . A policy is assigned as a requirement of either a lender or someone else to which an obligation is due . When death occurs the insurance company contacts the assignee and satisfies the assignees claims prior to distributing the balance to the beneficiary . If you have a $ 500,000 , and borrow $ 50,000 , if required the owner of the policy can assign it to the lender . In the event of death the company will satisfy the creditor -LRB- $ 50,000 or less -RRB- and pay the balance to the beneficiary . 