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Health and Life Practice Questions

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All of the following are examples of third-party ownership of a life insurance policy EXCEPT

an insured couple purchases a life insurance policy insuring the life of their grandson
a company purchases a life insurance policy on their manager who is an important part of the operation
when an insured purchased a new home, the insured made an absolute assignment of a life insurance policy to the mortgage company
an insured borrows money from the bank and makes a collateral assignment of a part of the death benefit to secure the loan

Correct - Your answer is correct.

Wrong - Your answer is wrong.

Detailed Answer

Correct answer: (D)
an insured borrows money from the bank and makes a collateral assignment of a part of the death benefit to secure the loan

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