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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Assignor


Synonyms:appointor, giver, provider, seller
Filed Under: estate-management, insurance, legal-contracts, real-estate
Tags: contract, insurance, legal, life insurance, realty
 

Definition of assignor

assignor
1. In real estate, it is the entity or person appointed to transfer a property to another person or company.
2. As it relates to the insurance industry, an assignor is the owner of an insurance policy who agrees to transfer the rights of the policy to another individual. 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:

  • assignee   A person appointed to acquire (take) an item, such as a property.
  • 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.
  • mortgagor   The borrower in a mortgage transaction.
  • 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.

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