Practice Quiz

NBE Funeral Service Director

Category - Arts - Funeral Directing

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What is the term used for the partial assignment of the value of a contract from one party to another?
  1. Partial
  2. Complete
  3. Collateral
  4. Absolute
Explanation
Answer: C - Collateral assignment is the term used for the partial assignment of value of a contract to another party.

A collateral assignment assigns a portion of the value of a contract from the contract owner to a third-party. The term partial assignment is synonymous with collateral assignment. Collateral assignments may be used as a way to cover some (or all) of the costs associated with a funeral. An absolute assignment (synonymous with complete) assigns the full value of a contract from contract owner to a third-party.
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