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AIG Change of Ownership Form: A Complete Guide
If you're looking to change the ownership of your American International Group (AIG) policy, you'll definitely need to fill out this AIG form template. This form is necessary when a policyholder wants to change the ownership of an insurance policy due to various reasons, such as marriage, divorce, or estate planning. Fortunately, PDFliner offers an easy-to-use digital platform for completing and submitting the form online.
Why do you need an American general life insurance change of ownership form?
Before we dive into the details of the form, let's first understand why you might need it. You might need to change the ownership of your AIG policy in various situations, such as:
- Transferring the policy to a new owner due to a sale or transfer of ownership of the insured property.
- Assigning the policy to a trust.
- Updating your personal information or adding or removing co-owners.
How to Fill Out the AIG Life Insurance Change of Ownership Form
The AIG change of ownership form requires you to provide information about the current owner, the new owner, and the policy details. You'll need to follow these steps:
- Start by filling in the "Existing Policy Information" section, including the policy number, policy owner's name, and the insured's name.
- In the "New Owner Information" section, fill in the new owner's name, address, and contact information.
- In the "Beneficiary Designations" section, fill in the name and address of the beneficiary.
- In the "Optional Clauses" section, select the optional clauses that apply to the policy by checking the appropriate boxes.
- In the "Billing" section, indicate how the billing should be handled after the change of ownership by selecting one of the options provided.
- In the "Current Owner Signature and Date" section, the current owner should sign and date the form to indicate the agreement.
- In the "New Owner Signature and Date" section, the new owner should sign and date the form to indicate acceptance of the ownership change.
- Lastly, in the "Collateral Assignee" section, if applicable, provide the name and address of any collateral assignee.
- Submit the completed form to AIG using the instructions provided on the form or by the company.
Why is the AIG changing ownership of life insurance policy form essential?
The AIG change of ownership is essential because it legally transfers ownership of an insurance policy from one party to another. It is necessary to ensure that the new policyholder has the legal rights and responsibilities associated with the policy. Additionally, if the policyholder passes away, this ownership form may help ensure the policy proceeds go to the intended beneficiary.
Fillable online AIG Change of Ownership Form