GK
INSURANCE AWARENESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A clause that allows the transfer of rights under a policy from one person to another, usually by means of a written document is called ____
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Appraisal
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Arbitration
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Assignment
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Automatic Treaty
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Explanation:
Detailed explanation-1: -The principle of assignment as recognized under Indian law-and affirmed and applied by Indian courts-derives its origins from English law. Simply put, the word “assignment” means transfer of rights or obligations held by one party to another party.
Detailed explanation-2: -An assignment clause spells out which contractual obligations, rights, and duties may be transferred from one of the contractual parties to another party. The assignment may be in whole or in part, and the clause also details the conditions under which a party can assign these duties.
There is 1 question to complete.