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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.

Assisted living

Care for long-term, physical non-occupational activities of daily living (ADL), such as bathing, continence, dressing, eating, housekeeping, laundry, medications, mobility, transferring in and out of bed or a chair, using the toilet, and walking. These individuals want to remain independent and do not require constant care. In most cases, the “assisted living” residents pay a regular monthly rent. Then, they typically pay additional fees for the services they receive, such as hair cuts or pedicures.

Assisted living center (ALC)

Residences that provide help with the activities of daily living (ADLs) and that emphasize residents’ privacy and choice. Residents typically have private locking rooms (only shared by choice) and bathrooms. Personal care services are available on a 24-hour-a-day basis, licensed as residential care facilities or as rest homes. The size of an ALC may range from 3 to 15 residents to as large as 600 to 800 residents. Also called assisted living facility (ALF), adult foster care, domiciliary care, or residential care.

Assisting

An FSA regulated activity in so far as it relates to the administration and performance of insurance policies. It includes helping policyholders make insurance claims, such as notifying a claim to an insurer and negotiating the settlement on behalf of the policyholder.