Definitions for "Assumption certificate"
an endorsement to an insurance contract stating that reinsurance proceeds will be paid directly to the named payee in the event of an insurer's insolvency
Document given to a policyowner to show that another insurer is taking on all the rights and obligations under the policy.
An insurance certificate issued to an insurer's existing policyowners to show that a reinsurer has assumed from the issuing company all of the risk under the policies. See also assumption reinsurance.