Word forms: (present) assigns a policy, (past) assigned a policy, (perfect) assigned a policy, (progressive) assigning a policy
( Insurance : Life insurance )
The policy may be assigned to someone else by written request of the current owner.
Since a whole life policy has a cash value component, it may be considered an asset;
but assigning the policy to a trust means that it can no longer be considered an asset for that individual.
If you assign a policy, you transfer legal ownership of an insurance policy to another person.
Collins English Dictionary. Copyright © HarperCollins Publishers