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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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Assignee


Synonyms:acceptor, buyer, receiver, taker
Filed Under: estate-management, insurance, legal-contracts, real-estate
Tags: contract, insurance, legal, life insurance, realty
 

Definition of assignee

assignee
1. In real estate, it is the entity or person who is appointed to receive a property from another person or company.
2. As it relates to the insurance industry, an assignee is individual who is given ownership of another individual's insurance policy. For instance, if a father were to transfer the rights to his life insurance policy to his son, the father would be an assignor, and the son would be the assignee.

Related Terms and Acronyms:

  • assignor
  • conveyance   To move something.
  • estate planning   The process of determining how assets will be dispersed after an individual's death, ideally in the most tax-efficient way possible.
  • exchange   A trade of property for other property or services. Like-kind property exchanges are a popular tax-deferral strategy.
  • life insurance   An arrangement where an insurer agrees to pay a benefit to one or more beneficiaries in the event of the policyholder's death.
      ➥  CanEquity offers life insurance.
  • loss payee   An entity that is legally entitled to the benefits of an insurance claim.
  • mortgagee   The lender in a mortgage transaction.
  • payee   The name of the person to whom the money in a cheque is to go.
  • transfer of title (TOT)   A document signed by the seller and purchaser transferring ownership, at which time the document is registered against the property.
  • transferable insurance policy   A life insurance policy that can be sold to another party through a viatical settlement.

More Related Terms and Acronyms

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