Final answer:
The friend can keep the homeowner's current insurance policy in effect through the assignment provision, stepping into the shoes of the insured party.
Step-by-step explanation:
In this scenario, the assignment provision refers to the transfer of the homeowner's insurance policy to the friend. By keeping the homeowner's current policy in effect, the friend will essentially step into the shoes of the homeowner as the insured party.
For example, let's say the homeowner has a comprehensive insurance policy that covers both the structure and the contents of the house. If the friend wants to maintain this coverage, they would need to agree to the terms of the policy and continue paying the premiums.
However, it's important that insurance companies may have their own rules and requirements when it comes to policy assignment. The friend may need to meet certain criteria or provide additional information to ensure the smooth transition of the policy.