Which of the following statements about the assignment of a life insurance policy is (are) true?
I. Under a collateral assignment, the policyowner assigns a life insurance policy to secure a loan.
II. Under an absolute assignment, only limited ownership rights in a policy are transferred.
A) I only
B) II only
C) both I and II
D) neither I nor II
Question 2
Which of the following statements about the assignment of a life insurance policy is true?
A) The insurer must be notified of any assignment or the death proceeds will be paid to the named beneficiary.
B) Under an absolute assignment, the only right transferred to a new owner is the right to change the beneficiary designation.
C) As long as a collateral assignment exists, a creditor will receive the entire death benefit even if the loan has been repaid.
D) Assignment may be made only with the permission of the insurer and the beneficiary.
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