POLICY CESSIONS
This might sound like a complicated concept, but what it boils down to is this: a policy cession is when a personal claim is transferred from one party (known as the ‘cedent’) to another, (called the ‘cessionary’). This means any rights which the previous policyholder had on that policy, will now be transferred to the new owner. In case of any claim, the insurer will not pay benefits to the original policyholder, but will now pay the new policyholder to whom the policy was ceded. By ceding your policy to a financial institution, you create more financial flexibility for yourself, but REMEMBER to have all terms and conditions explained to you before ceding your policy.
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