Home / Malaysia Insurance Law / Insurance Law Insurance Policy sell off to 3rd party...

Insurance Policy sell off to 3rd party... (modified 0 times) Allen A friend of mine intended to surrender his policy and expected to get back a little bit of CV. An agent convince him that not to surrender the policy and let it be terminated automatically, or, the agent will inquire somebody to "BUY IN" the policy from my friend by signing a so called "legally bind letter of transfer" from assigned lawyer. From my understanding, if anything happens to my friend after he signed the letter, the SA will be paid to the 3rd party (if not mistaken). My question is, can INSURANCE POLICY sell it to 3rd party besides surrender? I nv heard this kind of deal... Please advice. Thanks. 12 Nov, 2010 23:56:00

RE:Insurance Policy sell off to 3rd party... (modified 0 times) alayan I haven't heard of this kind of arrangement, too. I wonder if this is the same thing as buy to let insurance. 17 Nov, 2010 22:00:11

RE:Insurance Policy sell off to 3rd party... (modified 0 times) Allen i don't think that is not the type as buy to let insurance. The agent says that once the letter is signed, the policyholder no longer my friend. I was thinking whether it's allowable to do transfer as per mentioned? 23 Nov, 2010 13:38:28

RE:Insurance Policy sell off to 3rd party... (modified 0 times) InsWarrior Yes, there do have such kind of arrangement. It is an assignment, which sign an assignment to assign all the rights and benefits to the new buyer but the life assured still your friend. It can only do so for traditional life insurance policy. 24 Apr, 2011 16:08:29

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