Nonassignable

{
  "id": "MLC-T-INS-002320",
  "term": "Nonassignable",
  "field": "Insurance and risk management",
  "definition": "Describing a contract or policy whose rights cannot be transferred to another party without the other side's consent. Property and liability policies ordinarily cannot be assigned without the insurer's consent, because the insurer priced the risk of the original insured, while life insurance policies are generally assignable and many health plans bar assignment of benefits. A nonassignable provision stops a transfer from taking effect unless the insurer agrees to it.",
  "url": "https://mlchart.com/terminology/insurance/nonassignable/"
}