What of the following is a correct statement concerning assignment?

The correct statement regarding assignment is that it refers to the person who will receive the benefits of a policy should an insured die. In the context of life insurance, assignment specifically deals with the transfer of ownership rights or benefits of a policy from one party to another. This means that if a policyholder assigns their policy to someone else, that individual becomes the new beneficiary or owner of the policy benefits upon the death of the insured.

This understanding is crucial, as it affects who will ultimately receive the insurance payout and can be done for various reasons, such as gifting, estate planning, or securing a loan. It's important to note that assignment must be done in accordance with the terms set forth by the insurance company and often requires formal documentation to be legally binding.

The other options do not accurately represent the concept of assignment in life insurance. For example, policy cancellation is a distinct process with separate implications; policyholder’s age involves underwriting considerations and is not related to assignment; and while changes in premium payments can occur, they do not directly pertain to the assignment of benefits under a life insurance policy. Each term serves a different purpose within the scope of life insurance contracts and understanding those distinctions is essential.