Practice Quiz

NBE Funeral Service Director

Category - Arts - Funeral Directing

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What is the term used for the full assignment of the value of a contract from one party to another?
  1. Partial
  2. Complete
  3. Collateral
  4. Absolute
Explanation
Answer: D - An absolute assignment is the term used in connection for the full assignment of value of a contract to another party.

Absolute assignment is synonymous with full or complete assignment of the value of a contract (e.g. life insurance, annuities) from the contract owner to a third-party. Such a device may be used to by the family (or specifically beneficiary) to pay for the costs associated with the funeral.
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