Who is referred to as the person who receives full rights to a policy?

The individual referred to as the person who receives full rights to a policy is known as the absolute assignee. This term describes someone who has been assigned all rights to a life insurance policy from the original policyholder, making them the new owner of the policy. The absolute assignee has the authority to make changes, such as modifying beneficiaries or collecting benefits, and can also transfer or cancel the policy.

In contrast, the policyholder is the individual who owns the policy, but their rights may be limited if they choose to designate someone else as the absolute assignee. The beneficiary, while entitled to receive the benefits upon the policyholder's death, does not have ownership rights or control over the policy. The underwriter, on the other hand, is involved in the risk assessment and approval process for issuing the policy but does not have any ownership rights. Understanding these roles clarifies why the absolute assignee is specifically recognized as the person with full rights to a policy.