What is the term for the transfer of rights of policy ownership?

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Prepare for the Primerica Insurance Licensing Exam efficiently. Study with quizzes and multiple choice questions, each with detailed explanations. Get exam-ready!

Multiple Choice

What is the term for the transfer of rights of policy ownership?

Explanation:
Ownership transfer of a life insurance policy is called assignment. It moves all ownership rights from the current owner to a new owner, who then controls decisions about the policy, including naming beneficiaries and accessing the policy’s options like surrender or loans. Assignments can be absolute or collateral (to secure a loan). The other terms relate to who receives proceeds or to policy features, not to transferring ownership.

Ownership transfer of a life insurance policy is called assignment. It moves all ownership rights from the current owner to a new owner, who then controls decisions about the policy, including naming beneficiaries and accessing the policy’s options like surrender or loans. Assignments can be absolute or collateral (to secure a loan). The other terms relate to who receives proceeds or to policy features, not to transferring ownership.

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