Who is an Assignee?

An Assignee refers to any person, any firm, a trust or an entity who is the ultimate recipient of the rights, benefits and ownership of an insurance policy or a contract. The one who transfers the latter to the assignee is known as the assignor. Usually, the assignment contracts are made in writing but in some cases like the assigning of wages, property, collateral for loans, the agreement is done on paper. It is the choice of the assignee to further transfer the contract to another party. Thus, the next person will then become the assignee.