Noting banks interest in policy vs assignment

DrumcDub1

Hi there,

Currently putting in place mortgage protection and home insurance and have been instructed to have the banks interest noted on these policies by solicitor.

Have subsequently been told by bank that we'll have to fill out some forms to assign policies to the bank.

Are these the same thing i.e is the assignment in effect the same thing as noting the banks interest, or do I need to do something in particular to have their interest noted?

Thanks

Unknownability

https://www.boards.ie/discussion/2058381684/noting-banks-interest-in-policy-vs-assignment

It's the same thing.

Jim2007

Get confirmation from you solicitor. My understanding is the that the assignment documents is the legal basis for action and the notification of the interest is advising the insurance company that this has happened and that they should not pay on the police as the interest has been assigned.

Henry Ford III

No it isn't. Assignment makes the lender the beneficial owner of the policy. Noting if interest does not.

The J Stands for Jay

https://www.boards.ie/discussion/2058381684/noting-banks-interest-in-policy-vs-assignment

For the home insurance the bank's interest is noted. For the life assurance, an assignment is needed.