Absolute assignment

A life insurance policy assignment under which the assignee receives full control over the policy and full rights to its benefits. As a general rule when a life insurance policy is assigned to secure a debt the insured retains all rights in the policy in excess of such debt even though the assignment is absolute in form. Absolute Assignment is also known as assignment and collateral assignment. Note: For Approved Superannuation Funds and Approved Retirement Schemes neither the contributions in the plan nor the payment of annuity benefits can be assigned.- The Insurance Dictionary 3rd Edition