The transfer of an insurance policy by an insured to another person. Any claims arising from the transferred policy passes to the new policyholder.

INSURANCE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Assignment
B	Beneficiary
C	Insured
D	Actuary

Explanation:

Detailed explanation-1: -Definition: An absolute assignment is the act of complete transfer of the ownership (all rights, benefits and liabilities) of the policy completely to other party without any terms and condition. Description: Absolute assignment shifts the ownership of the insurance policy.

Detailed explanation-2: -Assignment of the policy refers to the transfer of rights, title, and policy ownership from the policyholder to another person or entity. The person involved in assigning/transferring the policy is called assignor, and the person/institution to which it is assigned is called the assignee.

Detailed explanation-3: -Absolute Assignment: Complete rights and ownership of the policy transferred to the Assignee. Conditional Assignment: Rights and ownership of the policy under certain conditions to the Assignee.

There is 1 question to complete.

MANAGEMENT

BUISENESS MANAGEMENT

INSURANCE