Life Insurance Assignments: Definition & Parties

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which of the following parties in an assignment contract grants the ownership rights to another person or business?

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1. Which of the following parties receives ownership rights of a life insurance policy from the original owner in an assignment?

2. Which of the following is TRUE of an absolute assignment of a life insurance policy?

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About This Quiz & Worksheet

Assess your knowledge of life insurance assignments by using the quiz and worksheet. To pass the quiz, you'll need to know the different parties involved with an insurance policy and other related topics.

Quiz & Worksheet Goals

You can see how much you know about:

  • Why a lender would ask to borrower for a life insurance assignment
  • True/false statements about an absolute assignment of a life insurance policy
  • Party in an assignment contract who grants the ownership rights to another person or business
  • The party that receives ownership rights from the original owner in an assignment
  • Type of life insurance assignment that allows ownership rights to revert to the assignor under specific circumstances

Skills Practiced

  • Information recall - access the knowledge you have gained about why lenders would ask for a life insurance assignment
  • Knowledge application - use your knowledge to answer questions about the different types of life insurance assignments
  • Reading comprehension - ensure that you draw the most important information from the lesson on life insurance assignments

Additional Learning

Life Insurance Assignments: Definition & Parties is a lesson you can read or watch to learn more about these assignments. Objectives you can cover include:

  • Define 'assignment' in this context
  • Compare and contrast two different types of assignments
  • Analyze the roles of the different parties involved in life insurance assignments
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