The Concept of Assignment in Insurance
The assignment process is a fundamental aspect of the insurance industry, wherein the policyholder transfers their policy rights to another individual or entity. This transfer can occur due to several reasons, such as a change in policyholder's needs, financial circumstances, or a desire to gift the policy to a loved one. Assignments can be partial, where only a portion of the policy is transferred, or complete, where the entire policy rights are handed over.
