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No insurance resource would be complete without a helpful menu of terms and concepts. This information-rich list will help you make sense of the solutions you are considering.
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A partial, temporary transfer of policy ownership rights to another, often used as collateral for loans. Not all policy rights are transferred, and they revert back to the policy owner upon repayment of the debt and release of the assignment. If death occurs while a policy is collaterally assigned, the assignee is the first to receive payment as their interest applies at time of death. It is possible to have multiple collateral assignees on one policy, with written authorization of the first assignee. At death claim payment, the first assignment holder gets paid first.