LLQP (Life Licence Qualification Program) Practice Exam · Question
Which legal mechanism involves the permanent transfer of all ownership rights of a life insurance policy to another party?
The Absolute Assignment transfers all ownership rights (the entire bundle of sticks) from the original owner to a new owner. This is common in business buy-sell
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Question: Which legal mechanism involves the permanent transfer of all ownership rights of a life insurance policy to another party?
Answer options: ✅ Absolute Assignment
- Collateral Assignment
- Beneficiary Designation
- Policy Loan Agreement
Correct answer: Absolute Assignment
Explanation: The Absolute Assignment transfers all ownership rights (the entire bundle of sticks) from the original owner to a new owner. This is common in business buy-sell transfers or gifting.
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- A life insurance policy that offers lifelong coverage, a guaranteed death benefit, and a savings component tha
- Group benefits in Canada commonly include:
- Sarah, a 35-year-old marketing professional in Ontario, purchases a participating whole life insurance policy
- Mark, a 45-year-old business owner in British Columbia, has a Universal Life policy with a Level Cost of Insur
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