What is the term for the insured's transfer of ownership or interest in an insurance policy to another party with written consent?

The term that describes the insured's transfer of ownership or interest in an insurance policy to another party with written consent is called assignment. This process allows the policyholder to transfer their rights and obligations under the policy to someone else. It typically requires the insurer's consent to ensure that the new policyholder is acceptable to the insurance company and meets its underwriting standards.

Assignment is crucial in many scenarios, such as when a property is sold, and the insurance policy associated with that property must be transferred to the new owner. By obtaining written consent from the insurer, both the assignor (original policyholder) and the assignee (new policyholder) can formalize the agreement, ensure clarity about who holds the rights to the policy, and maintain the integrity of the contract.

The other terms are related to different aspects of insurance. Subrogation refers to the right of an insurer to pursue a third party that caused a loss to recover claims paid to the insured. An endorsement is a modification to the insurance policy that alters its coverage or terms, while a waiver is the voluntary relinquishment of a known right, often used in contexts where a party may give up certain rights under the policy. These distinctions clarify why assignment specifically addresses the transfer of ownership in an insurance