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CLEP Business Law

Category - US Legal System

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What is the voluntary assignment of an insurance policy?

When a policy owner sells or gifts the policy by assigning all rights to the assignee
When 2 policy owners agree 1 will represent them
A military spouse getting additional befenfits
A disputed transfer of an insurance policy

Explanation

Answer: Voluntary assignment happens when a policy owner sells or gifts the policy by assigning all rights to the assignee. The voluntary assignment can be called an absolute or complete assignment because all rights are usually turned over to the assignee. The rights turned over include the use of any cash value from the policy.

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CLEP Business Law

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CLEP Business Law

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