Definition - What does Assignee mean?
An assignee is a person or organization that is the recipient in the transfer of a right.
Insuranceopedia explains Assignee
In transfers of right that could affect one party in a serious area of life, then both parties might be required to agree to the assignment. For example, if a lender requires a portion of the borrower's income as a condition of a loan, the borrower must willfully consent to it since the condition will affect their financial status.
In the context of insurance, as assignor can transfer the benefits of insurance to an assignee as collateral for a loan.