Question

A homeowner sells his house to a friend. The friend wants to keep the homeowner's current policy in effect. Under the assignment provision, which of the following is most likely?

1) The friend will have to apply for coinsurance from another insurance company
2) The homeowner will need to get written consent from the insurer before the policy can be reassigned
3) The policy will have to be cancelled
4) The homeowner should let the friend take over the premium payments

Answer 1

The friend will need written consent from the insurer before the policy can be reassigned.

Step-by-step explanation:

The friend will need to get written consent from the insurer before the policy can be reassigned.