What does the Assignment Condition in insurance specify?

The Assignment Condition in insurance deals specifically with the transfer of rights and interests under an insurance policy. This condition requires that any assignment or transfer of the policy must be done with the written consent of the insurance company. This requirement protects the insurer by allowing them to evaluate the risk associated with the new policyholder and ensures that they are aware of any changes in ownership.

The other options do not accurately reflect the Assignment Condition. For example, policies cannot be modified without consent from the insurer, contrary to what one might think in a more flexible contract scenario. As for transferring all policies after a claim, this is not a standard practice, as many policies have restrictions concerning assignments to prevent misuse. Lastly, the stipulation that transfer is allowed only when the insured is alive does not resonate with the standard Assignment Condition, as it generally pertains to written consent rather than the status of the insured. Thus, requiring written company consent for policy transfers stands as the correct interpretation of the Assignment Condition.