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

Unlock all questions

This demo includes only 20 questions. Upgrade to access hundreds of questions, flashcards, exam simulations, and disable ads.

Full question bankExam simulationsFlashcards
From $9.99Unlock all

Prepare for the Primerica Pre-licensing Exam with multiple-choice questions and comprehensive explanations. Perfect your skills and 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.

More Multiple Choice Questions
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy