What must a policyholder obtain to transfer their policy to another person?

To transfer a policy to another person, the policyholder must obtain written permission from the insurance company. This requirement is in place to ensure that the insurer is aware of and agrees to the change in the insured party. Written permission serves as a formal acknowledgment and protects both the insurance company and the policyholder during the transfer process. It helps to maintain clear records and compliance with the policy terms.

While verbal consent might seem sufficient in casual circumstances, it does not provide the legal documentation necessary for such an important transaction. Legal approval and notarized statements may be involved in certain contexts, but the primary requirement for transferring a policy is the written permission from the insurer. This process ensures that the transfer is valid and enforceable under the terms of the insurance contract.