Question

What does assignment mean in insurance?

a.

Modifying the terms of the insurance contract

b.

Transferring the policyholder's interest to another person

c.

Cancelling the insurance policy

d.

Renegotiating the premium rates

Posted under IC 92 Actuarial Aspects of Product Development

Answer: (b).Transferring the policyholder's interest to another person Explanation:Assignment in insurance refers to the legal transference of the policyholder's interest to another person. It can be made by an endorsement on the policy document or as a separate deed, and can be conditional or absolute.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. What does assignment mean in insurance?
Add Comment

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. Who is a beneficiary in the context of an insurance policy?

View solution

Q. What does business insurance primarily provide coverage for?

View solution

Q. What is a Convertible Whole Life Policy?

View solution

Q. What does coverage refer to in insurance?

View solution

Q. What are Double/Triple Cover Plans in insurance?

View solution

Q. What is an Endowment Policy in insurance?

View solution

Q. What are Exclusions in insurance policies?

View solution

Q. What is Group Life Insurance?

View solution

Q. What are Guaranteed Policies in insurance?

View solution

Q. What is Insurable Interest in insurance?

View solution

Q. What does "Insurability" refer to in insurance terminology?

View solution

Q. How is insurance defined?

View solution

Q. Who is the "Insured" in insurance terminology?

View solution

Q. What does a Keyman Insurance Policy typically cover?

View solution

Q. What is a "Lapsed Policy"?

View solution

Q. Who is referred to as the "Life Assured" in an individual life insurance policy?

View solution

Q. What does "Maturity" refer to in the context of a life insurance policy?

View solution

Q. What is meant by a "Maturity Claim"?

View solution

Q. What is "Misrepresentation" in the context of insurance?

View solution

Q. What distinguishes a "Money Back Policy" from endowment plans?

View solution
View All MCQs on IC 92 Actuarial Aspects of Product Development

Recommended Subjects

Are you eager to expand your knowledge beyond IC 92 Actuarial Aspects of Product Development? We've handpicked a range of related categories that you might find intriguing.

Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!

Total Quality Management

Enhance your understanding of quality management with our Total Quality Management...

Cytogenetics

Delve into the genetic mysteries of chromosomes with our Cytogenetics category....

Mass Transfer

Delve into the science of Mass Transfer with our specialized category. Explore...

IC90 Human Resource Management

Prepare for success in the Insurance Institute of India (III) examination with IC90...

Heat Transfer

Explore the fascinating world of heat transfer with our Heat Transfer category....

Electronics and Communication Engineering

Explore the dynamic field of Electronics and Communication Engineering with our...

Human Resource Management

Explore the dynamic field of Human Resource Management (HRM) with our dedicated...

Basic Electrical Engineering

Master the fundamentals of Electrical Engineering with our specialized category....

Mechanics of Materials

Unlock the principles of Mechanics of Materials with our specialized category. Dive...