Thought this might be needed due to the high exposure P.A.'s have in Virgina.
Assignment of Interest can only be executed by the policy holder to whoever he/she desires. The policy provision that the insurer grant permission is regarding "Assignment of coverage" such as during a real estate transaction!
The insurer gets to decide if they want to extend coverage on the property being transferred. The insurance proceeds are contracted benefits to be paid to the named insured following the approval of paying a covered loss, at that point in time, it's the insureds money, and other then the limit of interest of any mortgage company, it's their money to direct anyway they desire!
No differance then that of assigning your medical benefits to the doctor's office when making a visit or obtaining treatment.
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Assignment of Interest
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Posted - 09/18/2003 : 14:31:07
