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.

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