Final answer:
The process of transferring some ownership rights of a policy to another party is called an assignment, and in insurance, it's specifically referred to as a policy assignment.
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. In the context of insurance, when Richard wants to transfer some of the ownership rights of his policy to his brother Randy, this process can be executed through what is referred to as the policy assignment.
An assignment is a legal method for transferring rights held by one party, the assignor (Richard), to another party, the assignee (Randy). This would involve a modification to the policy's terms and a formal agreement might need to be signed and acknowledged by the insurance company.