Final answer:
The term for transferring ownership rights of a policy is known as an assignment, which is the correct answer to the question. Option A.
Step-by-step explanation:
The term used for transferring some of the ownership rights of a policy to another person is known as an assignment.
This means that Richard would like to transfer some of the rights, privileges, or interests of his policy to his brother Randy, which would make Randy the new owner or holder of those rights.
The correct option, in this case, is A) Assignment. Endorsement generally refers to changes to the policy, such as adding additional coverage.
Beneficiary Change refers to changing the person who is named to receive the policy's benefits upon the policyholder's death.
Lastly, Surrender means to give up the policy for any cash value it may have.
Hence, the right answer is option A.