Collateral Assignment Form & Release of Assignment Form

05-06-2016

Effective July 1, 2016, Transamerica is changing its policy on collateral assignments and will allow only one collateral assignment per life insurance policy. A collateral assignment of life insurance is a conditional assignment given by the policy owner to a lender or other creditor of certain rights to the policy and its value to secure a loan or other obligation.

Please note this update will not change any current assignments on file, and only affects future requests. Existing forms have been replaced with new forms on all the appropriate portals.

Also effective July 1, 2016, any request to release an assignment will require an Entity Certification of Authority, located on your web portal, under the 'Customer Service' heading in the 'Forms' section. This form is to be completed by the assignee, indicating who can sign on behalf of the assignee. We also accept other valid proof of authority to sign such as a corporate resolution. If the assignee is a trust we would need a verification of trust document on file evidencing who has authority to sign for the trust.

New forms can be located on your web portal, under the 'Customer Service' heading in the 'Forms' section > Assignment of Policy as Collateral Security and Release of Assignment of Policy as Collateral Security.

For any questions, please contact Customer Service at 800-852-4678.


























AgentSuite

Contact

BUA Sales