Assignment
Definition of "Assignment"
Transfer of rights under an insurance policy to another person or business. For example, to secure a debt, it is not uncommon for the policyowner to transfer to the creditor his rights to borrow on the cash value. Life insurance policies are freely assignable to secure loans and notes (property and casualty insurance policies are not). Creditors such as banks often have printed assignment forms on hand at the time of making loans.
Popular Insurance Terms
Time frame during which an annuitant receives income payments from the insurance company, usually on a monthly basis. The obligations of the company to the annuitant during the liquidation ...
Value in life insurance policies that entitle the insured to these choices: to relinquish the policy for its CASH SURRENDER VALUE. (Note that in the beginning years the cash value may be ...
Coverage for less than one year in duration. ...
Reckless action without regard to life, limb, and/or property; for example, driving 100 miles per hour on a road or highway. ...
Independent, nonprofit, membership hospital plan. Benefits provided include coverage for hospitalization expenses subject to certain restrictions: for example, semiprivate room only. A ...
Decision in the absence of a plaintiff or defendant at the specified court time. ...
Term meaning that an exporter of goods that are damaged or destroyed during international shipment relinquishes responsibility for the damage or destruction once the goods leave the point ...
Endorsement to a homeowners insurance policy or a personal automobile policy (pap) that covers physical damage to a snowmobile wherever it happens to be. Coverage can be on named peril or ...
Document setting out the responsibilities of a borrower, such as a corporation issuing bonds, and the powers of a trustee who will be looking after the interests of the bondholders. ...
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