Insurance Issues-Policy assignment
It is important to note that most insurance policies are personal contracts. The risk depends on the nature of the person who controls or manages the property and the particular use he makes out of it.
However, marine and life insurers allow policy benefits to be transferred from one person to another. This in insurance is called assignment. Assignment is simply the transfer of rights of one person to another, usually by means of a written document. The person granting the right is known as the assignor and the party to whom the right is granted is called the assignee.