Transfer ownership, loose submissions??

Will i loose all the submissions if I transfer ownership of a form?

Will all the settings of the form work as originally created?

Yes, the form will be moved as well as the conditions so you will not have access to the data anymore, unless that the new form's owner decides to share the form with you, the settings on the form will remain the same. 

You may want to check to the clone feature instead, it will just create a copy of the form on the desired account, original form and submissions will be saved on your account: https://www.jotform.com/help/42-How-to-Clone-an-Existing-Form-from-a-URL 

I hope this helps.