Conditional transfer of rights under a contract.
Insurance Encyclopedia
Assignment of Benefits
See: assignment.
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A method where the person receiving the medical benefits assigns the payment of those benefits to a physician or hospital.
Assignment of Life Insurance
Life insurance policy owners are allowed to assign (i.e., give or sell) the policy to another person or institution. An insured may take this action for several reasons. One of the most common reasons is to secure a loan from a bank or other financial institution. After the assignment, if the insured dies, the debt to the bank is repaid and if there is any money left over, it is given to the insured’s beneficiary.Another reason to assign a policy is to sell the policy in order to receive immediate cash. The new owner can then change the beneficiary and receive the death proceeds (see Viatical Settlements).
Assignment of Proceedings
A stipulation within a letter of credit in which some or all of the proceeds are assigned from the original beneficiary to one or more additional beneficiaries.
Assignment, Health
An authorization to pay Health Insurance Benefits direct to the service provider. Payments may be assigned to participating providers only.
Assignment, Marine Hull
Unlike Cargo Policies Hull underwriters are not prepared to accept assignment by open endorsement and require a dated notice of assignment to be endorsed on the policy
Assignor
Individual who transfers specific contract rights under an absolute or collateral assignment.
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UK: The party who transfers (i.e. assigns) his rights in a policy, property or rights to another party called the Assignee.
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The person who assigns a mortgage or Insurance agreement.
Assignor’s leasehold liability insurance
Covers ongoing liability of a tenant to a landlord after assigning the lease. The outgoing tenant, i.e. the assignor, may be liable to the landlord for defaults by the new tenant. The standard policy is premises-specific and is for one year, but up to three years can be arranged. Cover is in respect of liability to pay rent, interest on rent and damages and claimant’s costs and ‘own costs. There is an annual aggregate limit of indemnity in the range £50,000 to £500,000. The underwriter assesses the lease, the assignment, the financial history of the new tenant and references.
Assistant surgeon (AS)
Physician who gives assistance to another surgeon during the performance of an operation on a patient. Also called assistant-at-surgery .
Assistant-at-surgery
See: assistant surgeon (AS).