WAEC - Insurance (2018 - No. 2)
The financial interest of the insured in an insurance policy is the
subject matter of insurance
subject matter of the contract
assignment of the contract
deed of the contract
Explanation
An assignment of contract occurs when one party to an existing contract (the "assignor") hands off the contract's obligations and benefits to another party (the "assignee"). Ideally, the assignorwants the assignee to step into his shoes and assume all of his contractual obligations and rights.